HEARD A RUMOR THAT EAST IS HAVING CASH PROBLEMS, BUT IS ONLY A RUMOR. ANYONE HAVE ANY SOLID EVIDENCE ONE WAY OR THE OTHER?

 

THANKS

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PLEASE SEE MY LATEST POST HERE CALLED:

THE REAL -- EAST RESOURCES AND WHAT THEY OWN
http://www.gomarcellusshale.com/group/tiogacounty/forum/topics/the-...

THESE BOYS KNOW WHAT THEY ARE DOING & HAVE BEEN DOING IT A LONG TIME.
It might be possible that East is trying to negotiate with Dominion storage area properties for some drilling privilages in Westfield township..

Last fall an East landman came to see me and other folks in the township. Back in 1969 or thereabouts a company approached my father to lease our farm for $2.00 per acre. We were told that no record was found at the county courthouse. We had been receiving payments for that &2.00 lease every year. We were also told that our property was not within the boundries of Dominions storage area.

Apparently several people have not been doing their home work or else there is something going on "under the table" so to speak.
Was on a hunting/fishing message board, and the topic of gas wells in Tioga Co came up, and it seems like some landmen have told hunting camp owners that East has secured enough land to "control" Tioga Co.

Their (EAST's) current plan is getting property that borders the State Forest and State Game lands to use a trading pieces with other gas companies who will be focusing on drilling those areas. However it sounds like East has control of enough private land that no other companies are really looking to come into Tioga Co.
we have 2 friends in middlebury center that borders state games lands and they have received paperwork from seneca . one friend owns 3+ acres, other friend owns less that an acre. they are now waiting for a seneca repr to contact them and come to thei4r home for a discussion. another friend is in an east contract, called seneca to see if they would buy out his lease and he was told no...doesn't border state game lands. we are approx 1-2 miles from cummings property, 6 wells and an E&S storage facility. gas rig is set up on his property, but no activity for the past couple of days. our township supv was only notified of 5 gas wells going in chatham township.
I'd like to know how much land East has leased. Other companies ARE leasing in Tioga Co., especially the eastern half and northern part around Westfield. I know that Endless Mountains Energy is offering good deals in the Middlebury area, and Williams is offering good deals if you can come up with 320 contiguous acres. In Delmar township, though, East is it. I've contacted every company I've heard of who has ever made an offer in Tioga Co., but none are interested in my area (except Ultra, who is partnered with East and offers the same deal). A new well is going in just over the ridge from me...they are getting closer. I may soon have to cave in to East; I don't have enough property to stand alone. Sigh.
Lynn, can you please tell us where the new well is going in over the ridge from you?

I also heard a rumor that a new well will be drilled on the west side of Dantz Run north of where Callahan rd and Dantz Run Rd come together. You hear about that one? It is rumor so far and no permits issed that I can find.

But, Please tell me more about the one you are talking about.
I haven't heard about that one; that's not far from the Kennedy well. The one I heard about is south of 362. I haven't seen it; I've heard it's on Balsam Road, near Morral Rd. Boy are they moving fast.
I got more information from my 'source': apparently an East sign has been put up, and some earth moving equipment is at the Balsam Road site. That's all that has happened so far.
Lynn..we only have 4.1 acres and we just signed a lease with East for $1500/15%/5yrs. I feel they are a good company..get in touch with Ed Lias..he's who we deal with..I feel he's a real honest person and very easy to deal with..if you have any questions..he'll answer them truthfully..that's how we felt about him..they work on a spead sheet and they will eventually get to your property. It's just a matter of time..there very busy.
I've talked to East twice already. I don't like their lease or their terms. Have you seen other leases? Most other companies offer a lot more protections for the landowner...East wants to be able to dispose of their frack water down an injection well on MY property, and I won't allow that...also, other companies offer a lot better terms (Endless Mountains is offering $2700/acre, 16% royalty in the Middlebury area).

Did the East landman give you any idea when your royalty checks will start coming in? There's no pipeline in this area, so they are drilling and shutting in. The Kennedy well has been shut in for two years...no royalties.
Don't believe all you read on this site..do your research..talk to your neighbors...there's alot of what do I do..who do I contact..who's a good lawyer (Lynn Mader, Wellsboro, Pa.) that's who we used and It's a basic lease that is offered to everyone, so stop stressing and get on the ban wagon and start letting your land earn you some money!
My neighbors don't have good things to say about East. They got caught in East's scam a couple of years ago. They signed East leases at good terms, then East reneged on the payments; East came back and told them that they could either get out of the lease or accept less money than they signed for. Not the kind of company I'd like to do business with.

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