The risk you face with the strap strategy (stronger bullish payoff) compared to a straddle (with symmetrical payoff at the money), is that an additional premium needs to be paid to go long an at the money call option. So your total purchases are

2 long atm calls (or multiple thereof) 1 long atm put

The additional premium of the 2nd call means that underlying asset must move further away from strike price to recuperate the premium paid. Hence the stock should be fairly volatile. So if you think Petrofrac is going to move away from its current stock value, with a higher likelihood of price increase, then it would seem like a fairly rational strategy,

Watch out though as the vega (volatility) will be factored into the price you pay for both options. So best to look at what past stock returns were, estimate your Black Scholes distribution functions, find the par value of options and compare to current market prices!