“The U.S. Securities and Exchange Commission has opened an informal inquiry into Chesapeake Energy’s well participation program with Chief Executive Officer Aubrey McClendon, a source familiar with the matter said on Thursday.
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The SEC inquiry is being led by its Fort Worth, Texas, regional office, the source said. The inquiry comes after Reuters exclusively reported about loans McClendon had obtained to participate in a co-investment deal with Chesapeake [CHK 18.17 
0.04 (+0.22%) 
].
The company, which is poised to end the controversial program that gave McClendon an ownership stake in its wells, said on Thursday its directors never reviewed or approved the executive’s mortgages on those wells.
The statement contradicts Chesapeake’s assertion last week that its board of directors was “fully aware” of McClendon’s financing transactions around the well ownership stakes.
“The Board of Directors did not review, approve or have knowledge of the specific transactions engaged in by Mr. McClendon or the terms of those transactions,” the company said in a statement on Thursday….”
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