Stat Arb on Chesapeake and Forest Oil?

For those stat-arb minded: The stocks of Chesapeake and Forest Oil are correlated at 95.9% (R squared at 92%), but Chesapeake is historically high. Both CDS spreads tightened recently and widened out a bit yesterday. We'd need to do more homework on both companies of course, but selling CHK against a long position in FST may be a good idea for a pair trade.