Chesapeake's (CHK) McClendon Sees Decline in Nat. Gas Prices as Giving Investors a Chance to Buy

August 18, 2008 1:34 PM EDT

Appearing on CNBC's Fast Money, Chesapeake Energy (NYSE: CHK) Chairman and CEO, Aubrey McClendon, who presently owns more than 33 million shares of the stock, gave his take on the current state of the natural gas market.

When asked about the immediate future for natural gas prices, McClendon told the traders and CNBC viewers that he believes natural gas is in the process of putting in a bottom. McClendon said he sees "good demand switching" for natural gas around $8. Despite a positive outlook moving forward, McClendon said Chesapeake is currently 100% hedged for next year.

Next, McClendon said he remains confident in the prospects for nat. gas and believes a recent sharp decline has given investors "an opportunity to build positions" in natural gas stocks such as Chesapeake.

Chesapeake Energy Corporation, an oil and natural gas exploration and production company, engages in the acquisition, exploration, and development of properties for the production of crude oil and natural gas from underground reservoirs.

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