likewise...been selling covered calls and doing fine and haven't been called off my shares yet...stabbed a fat hog when KOG was in the high $10 range...sold the Jan2014 $12.50's for $1.80 as I recall...Pretty good money on 5000 shares (50 contracts) just to sit and wait...
I am not an active trader, and consider myself relatively conservative, but I enjoy considering options on all my holdings. My two KOG option strategies are selling covered calls less than 60 days out on part of my holdings (eg 70 April 11s) as my short term strategy, and a decent sized bull call leap spread between the Jan 14 7.5s and 12.5s for a longer tem strategy (along with some January 14 5s that I picked up cheap during one of the recent dips).
If your true long term sentiment is buy (like my own) and you think the PPS is going to spring a little with the 2Q and 3Q results (or with favorable announcements on the two multi-well pad programs being drilled), the a Jan 14 or even 15 bull call spread might be attractive to consider. I put mine together much cheaper than today'sj prices last fall (thus my leap reference), but you can still place one for around $1.90 or so today. Breakeven would be $9.40 a share vs today's 9.26 close with a 160+% profit if the shares make it to 12.50 by next January (the share PPS would have to go north of $24 to make an equivalent return). IMO, January allows plenty of time for the PPS to perform and you should be able to evaluate the trade's apparent value pretty well during the October/November window prior to the accelerated time value decay during the last 60 days.
I would love to hear the views of other regular KOG posters on alternative strategies (which is why I took the time to explain mine in hopes others would reciprocate) GLTA, Lex