Natural Gas: Chesapeake Energy Gets a 'Going Concern' Warning from the Auditors (CHK)

We haven't done anything with the gas producers, preferring instead to lose money in the futures but I know some strategists who were betting on CHK as a lottery ticket for higher gas prices next year.
Ouch.
From Reuters:

UPDATE 2-Chesapeake Energy raises 'going concern' doubts

Chesapeake Energy Corp, once the second-largest U.S. natural gas producer, warned on Tuesday about its ability to continue as a going concern as the debt-laden company struggles with falling prices for the commodity.

Shares of Chesapeake fell 13% to $1.35 in early trading, with the company earlier in the day also having reported a marginally bigger than expected loss and a huge shortfall in production for the third quarter.

Chesapeake has about $10 billion in debt, nearly four times its market valuation. Much of that is a result of big spending when energy prices were high and acquisitions aimed at expanding in the oil-heavy Powder River Basin to combat falling natural gas prices....MORE

$1.345, down $0.215 (-13.782%) last