If you are in Irwin township in Venango county (where I am), you should definitely talk with Shell (Jason Hannath). Friend me and send me a personal message. I'll reply with Jason's contact info.
Tully IS above the Marcellus, and has become very profitable due to the Burkett shale within it. If this is a skimpy lease ... low $$$ and gross royalty % ... beware! Don't sign! Don't sign! Don't sign! A company lease was written to benefit the company alot more than it was meant to benefit landowners.
Touch base: [email protected]
Recd. copy of First Penn lease. Was not really happy with it. I think I will work on getting a Marcellus Shale lease. We have property in Greene Co. that we have leased and comparison with First Penn was not impressed at all. would not sign.
Can you shed more light on "First Penn Oil & Gas, LLC" as to who are they, who do they represent?
I received a lease from them wanting to sign a lease with a 5 year primary term, and the option for one additional term of 5 years, $300/acre for a "paid-up" five year lease, to be included in more than one produciton unit, and only to the base of the Tully limestone - all for the "shallow" depths as stated in their letter.
Doesn't make any sense. They want a "shallow" lease only to the base of the Tully and to be able to include my tract in a "unit". I know of very few shallow wells in SW PA that are in a unit, only so because the well is right off the property line.
Any info. would be greatly appreciated!
I spoke with a landman from First Penn Oil & Gas, LLC. Too many red flags - P.O. Box only address, wanting to drill "shallow" wells (but lease to base of Tully - which sits atop the marcellus), 5 year paid up lease at only $60/acre, need my tract to be part of a drilling unit, and when I asked who was "First Penn" he replied that he could not divulge that info. - when I pressed the issue some more he replied that they are a subsidiary of one of the top five producers in the country - and for me to find out more I needed to sign a coinfidentiality agreement. ???????????????????????????
This is what I think "First Penn" is - lease flippers.