Chesapeake Energy (CHK) finally get’s some good news as the company has hit a home run in the Andarko Basin, with a well in the Hogshooter formation which produced 5,400 barrels of crude a day during the first eight days of operation. Anything that takes the focus off of the company’s lack of corporate governance and cash flow shortfall is a positive. This company needs to dispose of assets quickly or the more attractive solution would be to sell itself. It would be a great acquisition for one of the larger integrated oil companies. With BP’s recent announcement that they are looking to sell their TNK-BP joint venture, Chesapeake would be a really nice fit to grow profits in a less risky political environment.
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