Chesapeake (NYSE:CHK) said yesterday the IRS was reviewing the controversial perk that allowed the firm’s CEO Aubrey McClendon to buy a small stake in every oil or gas well the company drilled.Chesapeake believed resolving the matter won’t have a serious impact on the company.Specifically, the IRS said it was examining the Founders’ Well Participation Program as part of audits of CHK’s 2008, 2009 income tax returns.Chesapeake said it has been in talks with IRS and said a resolution probably wouldn’t have a material impact on the company.SmarTrend alerted subscribers to take profits in Chesapeake Energy on March 29, 2012 at $22.89, since then the stock fell 19.5%. We are now watching for any positive developments that could result in a new uptrend signal.
