3,500 calories=1 pound. As Rosio mentioned earlier, calorie restriction is essential for weight loss. But, exercise is essential for good health. It is nearly impossible to exercise your way to weight loss.
An average 125 lb person walking at 3.5 mph would need to walk 2.5 hours per day 7 days per week to burn approximately 3,500 calories each week! (Livestrong.com)
I eat at a deficit to lose weight and regain my health. I exercise because it is good for my heart and my body and it makes me feel good and hopefully look better eventually lol.