McClendon's Oil Gamble Led Chesapeake to Brink

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June 27 (Bloomberg) -- Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon's ambitious bid to dominate the American oil rush may cost him his job and his company. A secret 2007 deal between McClendon and Oklahoma City oilman Ronnie Irani helped kick off Chesapeake's land grab with an agreement to buy 1 million acres of Wyoming's Powder River Basin. Irani estimates the prospect could produce more than 5 billion barrels of oil. They called it The Prize Project. Bloomberg's Asjylyn Loder reports on this feature in the August issue of Bloomberg Markets magazine. (Source: Bloomberg)


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