Chesapeake Energy (CHK) –

Chesapeake Energy (CHK) – Shares in oil driller Chesapeake Energy coasted to a new 52-week high with today’s 5% gain to $58.94. Earlier today the company issued an update on its activities in the Haynesville Shale field straddling Louisiana and Texas, which has been the site of continuous drilling success for the company, which according to this morning’s press release, plans to continue leasehold acquisition efforts in the area.  With some 73,000 options active, the bias of calls to puts by a factor of 4.5 shows traders expressing confidence in further assays past the 52 week high. Traffic in June calls at strikes 55, 60 and 65 is trading to buyers and sellers, while the July 65 calls have been bought heavily. Buying interest in January calls extended as high as the 80 strike for $2.20, despite the option market pricing in a less-than 1-in-4 chance of Chesapeake breaking $80 by 2009.