Chesapeake (CHK) has been in the news for the past month and at times the headlines have been frightening. First there is the falling price of natural gas, second the misconduct of the Board of Directors and CEO Aubrey McClendon, third the company’s short fall on cash and fourth is the necessary sale of assets. It seemed the only good news was that of Carl Icahn buying a 7.5% stake in the company. But since the fall-out of all the bad news, there have been some bright spots forming for Chesapeake. At first glance it appears that Carl Icahn will get the changes he wants on the board and also the sale of assets to prop up the company in its operating cash short fall.

News on asset sale

Chesapeake is believed to have entered into a deal to sell its portion of Chesapeake Midstream Partners LP. to Global Infrastructure Partners for over $4 billion.Chesapeake Midstream Partners has over 3,700 miles of natural gas pipeline, with Chesapeake Energy owning an additional 1,950 miles of pipeline as well at the end of 2011. But one analyst, John Cusick of Wunderlich Securities, believes that Chesapeake Midstream is a reliable revenue stream and Chesapeake should try to hold on to the pipeline. In a separate move, in May 2012, Chesapeake is said to have placed its 1.5 million acres of lease holdings in the Permian Basin located in Texas up for sale.To continue reading, click here.