We hold the Chesapeake Energy (CHK) underlying stock in Pure Energy Trader, but wanted to bring it to your attention, too. And that’s because of solid volume in August 50, 52.50 and 55 calls.
News is that China National Petroleum Corporation (CNPC) is "thinking" about bidding for minority stakes in CHK shale gas assets. CHK is reportedly looking to raise as much as $5 billion from selling minority stakes in Arkansas and Pennsylvania shale gas properties, according to the South China Morning Post.
This follows early-July news that BP agreed to buy 90,000 acres of CHK’s Oklahoma natural gas properties for $1.75 billion.
Keep it on radar.