It has been brought to my attention in a business circle that Chesapeake when recently offered a package of 80,000 plus acres to bid on in Trumbull, Ohio , said "No Thanks."

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Do you know any of the 80,000 acresa groups terms?  Perhaps some of the other larger companies will start leasing in Norteast Ohio.  It seems that Chesapeake had such a great start in NE ohio that many of the other larger companies have shied away to scramble across Southeast Ohio.  Or perhaps the well in Newton Falls is really just garbage.
Bob, The details I heard today was that several proposals were sent to energy companies and that tonight there is a big meeting to sort it out.  Several offers did come in and one was a hedge fund that offered 2250 and 17%, now please don't go off the deep end, I do not beleive that Newton Falls well is bad.  Remember, it was the Lake Milton well that brought Chesapeake up here and money has been flying around ever since.  Also you may have heard that Chesapeake after doing site work in Kinsman, packed up and pulled out.  What does this mean?  The locals up there do not believe that anything is wrong with the minerals, they believe that Chesapeake maybe posturing or, as with Shell here, Range there, and Chesapeake here, maybe a giant is moving into Trumbull.
Well, in a shale play, things change as fast as gas is released when one fracs.  Today, it was circulated in a business circle that Chesapeake indeed has bid on lower Trumbull county.
they are out of money!!

They are never out of money.  They are business people and are waiting to see results from current drilling activity, seismic surveys, and are aware that landowners are getting wise to the way the game is played.  Any landowner that signs a lease in a hot county for anything less than $4k to $6k (wet gas & oil plays, not nat. gas) is living under a rock.  The wildcatting days are over so to say.  With all the technology available today, they are going to approach this methodically. 

Because things are slowing down and the money has "disappeared" only shows that they are unsure of their geologic data and don't have enough certainty with their geologic data to seriously go full steam ahead blast whole counties with billions of dollars.

80,000 acres is a BIG bite for any company to swallow all at once. CHK already has lots of acreage in the OH Utica play and may not want that much more all in one county. I'd bet this group would do much better if they split this 80,000 acres into 3-5 smaller groups separated geographically.

I think making that much acreage available to lease by one group is silly.  Theres only a few companies that can lease that much in one shot so the group really is limiting the number of available bidders and thereby the competition.

Where in newton falls is there well located?
Last October, I visited and saw the horizontal rig on North Newton Falls road in Lake Milton, I do not know where the rig is in Newton Falls.  Our neighboring landowners in Lake Milton have mentioned that rigs are present in Newton Falls.

I feel bad for Trumbull, I wrote this last year, August.  I wish someone come clean and say why Trumbull really fails to get the big offers.  I believe it is infrastructure.

Feel bad for no one!!! Thank god we live in a democracy!!! The people will speak!!! 

Craig,

You must have had the same knucklehead Government teacher my #2 son had. I went round and round with him a few years ago over the fact that the USA is a Representative Republic, not a Democracy as he had been teaching our kids. I told him that he was not qualified to teach my kids if he didn't know the difference. Needless to say, we are NOT the best of buddies.

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