According to Marcellus Drilling News, people in Jefferson County, OH are getting offers as high as $6000/acre and 20% for leases with Ascent and Gulfport. These numbers are impressive and reminiscent of offers in the sweet spot during the boom. Hopefully this is a good indicator of what's to come in the near future. Thoughts? Anyone who can confirm these numbers?
We really liked Jeff Rokisky of Weirton, Wv - he does work in Ohio, too. Was honest and fair. He dealt directly with the oil/gas co himself. You should be able to go in first visit free of charge to any lawyer and check them out. We went to several before finding the one we clicked with.
Got a letter today..just hired a lawyer to check status of our lease..Letter says they assigned our lease to Ascent..No checks from CHK or Ascent since Oct. of 2015..What are the up to?
Did you obtain a release of the CHK lease?
The $5,000 an acre figure could be correct.
Beware,some of those leasing in that area are brokers and have n intention or ability to drill/complete/produce a well. They will take a lease and "flip" it to a real oil and gas company with the ability to drill/complete/produce a well.
You may be further ahead to deal directly with the real oil and gas company.
As for conferring with an attorney: you could obtain a lease from a company and then take it for review.
Looking at the ODNR site, it appears that Ascent Resources is active in Cross Creek.
In which section is your property?
Some brokers are not "flippers." Some brokers are contracted by the companies who want to drill to go out and do their field work. Just thought I'd put this out there for anyone who was unsure. I am sure Barry is already aware of this because he is pretty knowledgeable about o&g but some people might not know. There are definitely some brokers out there who are looking to flip leases, though.
Thanks for the clarification.
Of course you are correct.
Just wanted people to be sure they know with whom they are dealing.
It is just off Georges Run. In the Goulds community.
No I still don't know what the status of CHK lease is at this point...They didn't pay the rent last year and contract ended this year. I really just need someone to search the county records and look over the new lease and explain the terms I don't understand..Talked to a Lawyer yesterday and he gets 250 an hr to do this...seems kinda high ..still excepting recommendations for a good reasonable priced person with oil and gas knowledge ..
If lawyer asking for 10%....would that be a fair charge?
I don't think going by a % is a fair way to do it. For example, Darlene is talking about leasing 80 acres at $5000 per acre. You think an attorney deserves $40,000 for making sure that lease is good? I sure don't.
Sorry, was not suggesting this for Darlene. Just what I was told....so that is too much ?
I sure think so - Jeff Rokisky (mentioned in my previous reply) charged a fraction of that and did not want paid til we had a lease and we had been paid. What we also liked about him was he paid attention to our concerns and what we wanted.
"Small-town lawyer Lawrence Piergallini has no cell phone, no computer. Nor does he belong to a country club. In his spare time, you'll find him on a tractor. The family livestock farm is 10 minutes from the Jefferson County office where he's practiced law for 31 years.
With his unwired business, Piergallini seems a throwback to an earlier era. But in fact he's positioned at the legal and geographic epicenter of a modern phenomenon: the roaring "shale play" sweeping eastern Ohio."
He charges by the hour, as a good lawyer should do.
He's honest, well-versed, and tells it like it is. I didn't use him for my Chesapeak lease but did use him for my pipeline lease. My land is in Ross Township. I signed w/CHK 5 years ago; pipeline 2 years ago. Larry is in Tiltonsville.