SEC Investigating CHK/CEO Holdings In Company's Oil Wells

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

Now from the link:

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."

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.

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.