Updates
Later, 11:00 pm: CHK to terminate "Well Program Pact" early.
Original Post
Link here. Two disclaimers:
- for investors only; this is not an investment site; I simply post articles of interest to me regarding the Bakken (and a few other subjects) and leave the blog open for others to access
- I have "no dog in this fight" as they say regarding CHK, but I know a lot of folks, especially around Dickinson, are following the story closely
Reuters reported on April 18 that McClendon, who founded the company, had borrowed as much as $1.1 billion against his 2.5 percent interest in wells that he received under the company's "Founder Well Participation Program."Oh, one other disclaimer: I have no opinion of CHK, good, bad, or indifferent, but in general, I am fond of "Big Oil." Without "Big Oil" it is unlikely I would have been picked up by those who had access to gasoline when I was hitchhiking in my younger days. But I am digressing.
The company also said on Thursday that it would end that program in 2015, when the shareholder approval of the program that started in 2005 expires.
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