I was assigned 2 BP Jun08 75 Puts last Friday.  I expected to be assigned these Puts but this happened a day before they would have been assigned anyway.  So I was able to sell covered calls on them a day earlier.

I sold 2 BP Oct08 75 Puts for a net deposit of $290.50 in an IRA account.  My basis in these shares is now 71.90 after accounting for accumulated options.  I usually prefer to sell closer in options but did not do so in this case.  I wanted to sell the 75 strike and get a reasonable premium so I sold further out this time. 

I have a long term belief in oil and some of the oil stocks so I was a little aggressive when I originally sold the BP Puts.  BP has a decent dividend at .81 per quarter and 4.82% annualized.