I also contacted Rex. A landman called back two days later and asked me my parcel numbers and said he would map it out and get back to me. He called back and said my property, in Clay Township, is not in Rex's "buy area" at this time. However, he told me it was likely to change quickly (within a couple months), and that Rex would probably call me before they called him to let me know what the status was.
We are in the middle of Butler Co - would imagine you are north bordering Venango County. Sean is from Phillips, try him at 724 422-7898-actually just e mailed him. His e mail firstname.lastname@example.org.- have your property tax # and acreage available. They usually have to check with the company geologist.
We just sign a lease with Rex and are in the "90 days" period, waiting for the lease to go through channels. I'm always hesitant to proclaim to the world the specifics of a contract, but I will say that we signed for more than the $1,200 being offered by another company (in payments over 5 years) and we did better than the 12.5 % royalty. We are leasing a little under 50 acres, in several adjacent parcels.
We did not go through an attorney. I did ask for an addendum that states that our water wells would be checked before and after any drilling on our property, that we had a say on well, road, and pipeline locations, and a few other things. The lease agent had a standard addendum that seemed to fit our needs. I believe I found the addendum suggestions at the website w*****************. We also changed the original lease to include the right of first refusal.
The land agent was patient with us and answered many of the questions we had. Time will tell if we made any mistakes, but having talked to many others signing leases over the last couple of years, I believe we did very well.
What makes this site so great? Well, I think it's the fact that, quite frankly, we all have a lot at stake in this thing they call shale. But beyond that, this site is made up of individuals who have worked hard for that little yard we call home. Or, that farm on which blood, sweat and tears have fallen.[ Read More ]