Chesapeake Energy Corp. shares tumbled 5.5 percent Wednesday After a published report showed that CEO Aubrey McClendon has borrowed up to $1.1 billion against his stake in Chesapeake wells.

Reuters reported Wednesday that the loans were to fund McClendon's investment in Chesapeake's Founder Well Participation Program, under which McClendon can take a 2.5 percent stake in every well drilled by the company.

Sources quoted in the article questioned whether McClendon's personal debt level on the company wells has created a conflict of interest and whether the company should have more thoroughly disclosed the financing deals.

Chesapeake has denied conflict or wrongdoing in the matter.