When looking at insider buying the hierarchy of insiders is:
#1 CFO's--if the money guy is buying, pay the offer.
#2 CEO's--because they are the company's ambassador they often buy stock just for show, pay attention.
#3 Directors--newly elected directors often buy as a show of support, others because they buy what they know. Look for decent-sized additions to existing positions.
It's not the only piece of the puzzle, especially in Chesapeake's case but this is definitely a positive.
From SEC Form4:
Common stock purchase or sale:
|CHESAPEAKE ENERGY CORP||CHK||MILLER MERRILL A JR |
|CHESAPEAKE ENERGY CORP||CHK||MARTIN R BRAD |
|CHESAPEAKE ENERGY CORP||CHK||DIXON STEVEN C |
(EVP - Operations and COO)
|CHESAPEAKE ENERGY CORP||CHK||MAXWELL CHARLEST |