Ranjana Bhandari and her husband knew the natural gas beneath their ranch-style home in Arlington, Texas, could be worth a lot - especially when they got offer after offer from Chesapeake Energy Corp. Their repeated refusals didn't stop Chesapeake, the second-largest natural gas producer in the United States. This June, after petitioning a Texas state agency for an exception to a 93-year-old statute, the company effectively secured the ability to drain the gas from beneath the Bhandari property anyway -- without having to pay the couple a penny. In fact, since January 2005, the Texas agency has rejected just five of Chesapeake's 1,628 requests for such exceptions. Chesapeake's use of the Texas law is among the latest examples of how the company executes what it calls a land grab" -- an aggressive leasing strategy intended to lock up prospective drilling sites and lock out competitors. Chesapeake has become the principal player in the largest land boom in America since the California Gold Rush of the late 1840s and '50s, amassing drilling rights on more land than almost any U.S. energy company. After years of leasing tracts from New York to Wyoming, the company now controls the right to drill for oil and gas on about 15 million acres -- roughly the size of West Virginia.