Another company, Encana Energy, had drilled a surprisingly prolific natural gas well, and McClendon saw a possible hot new shale gas play.

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Rees-Jones, a former bankruptcy attorney, made his first fortune moving early to snap up acreage in the Barnett Shale gas play in Texas.

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Chesapeake is believed to be the largest acreage holder (more than 1 million acres) in the Marcellus shale gas play, which stretches under much of Pennsylvania, New York and West Virginia.

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