Tomorrow is the biggest day of the year for Trumbull's ALOV, the faithful have been summons to the historic Packard Hall to hear the value of their 80,000 acreage. Long Live Free Enterprise!
I am not an authority on what geology lies underneath Trumbull, neither do I break bread with Bob Rea. I am however a long time real estate investor and have been recieving phone calls and e-mails asking for my take on this big event tomorrow. As with my associates, I will address this assessment again from a landowners perspective.
Who is the oil company ready to write checks for many in Trumbull?, you hear Chesapeake, you hear it is not Chesapeake. If Chesapeake is tasked to continue to gobble up as much acreage as they can in Ohio's Utica, then it is Chesapeake. If it is true what Wall Street says today about its rating of the company, then I do not believe they can handle a big play like Trumbull. If Trumbull is to big right now for Chesapeake, it will be a "big boy" in the oil industry.
Now for the amount.... as I studied and posted previously; I believe in production and facts and less speculation. All the disclosed production of wells in the Utica have been in the southern counties. So far no production reports exist for any wells up here in the northern counties, simply because they started down south. However, the second Utica well in the play was punched here in Lake Milton by Chesapeake a year ago and they have kept this well, very secret. But...out of nowhere as I reported weeks ago, comes the new disposal wells by Rex that drill deeper than the Utica AND have been "well Logging." Surprising to say, after the first few disposal wells punched in NORTHERN MAHONING, the price per acre shoots up to $5800 in the recent ALOV signing. Shortly, we now hear after slow offers in the Trumbull ALOV, that they now have an offer. With the logging of the disposal wells up here, they now have a pretty good idea what is under Trumbull. If they continue to play the game, they probably will offer $3K to $4K an acre since no wells exist up in Trumbull and the locals know this, most will sign.
Craig, I would like to see some evidence not all the speculations.
Ryan, Me Too !! Look at the Utica and Marcellus maps on the odnr web sight. That shale rock does not stop in Mahoning county, the shale gets thicker to North, and I believe you being in southern Trumbull that your land is in the wet gas zone.
If Bill Anders does not substantiate his statement here, his name will be remembered as one with zero integrity. Why would anyone cause their integrity to be questioned especially with a large readership like GMS.
I didn't join any group, didn't want to. I own 108 acre and would lease for 3000/acre & 15% gross. These gas & oil companies could afford a smaller investment like that vs. Leasing 80,000 acres. If they hit and know its in trumbull, then they'll lease that large group.
Ron, I heard every land owner in eastern Ohio has oil and gas under there land with the exception of Bill Anders. L.O.L.
WHERE IS BILL ????????
They've been doing some testing in Kinsman and Williamsfield townships on Rt 7. (Northern Trumbull County & Southern Ashtabula County)
There's a video on another discussion here on GMS that shows what trucks they're using, what their cables, flags, equipment looks like, etc. This is exactly what I am witnessing. My sister (who lives on Main St in Kinsman) said items fell off of her shelves when the "booms" went off. She was so terrified that she grabbed her son and ran outside (thinking it was another earthquake).
They tested right in front of her house and many other houses right in town. I stopped and asked the guys getting ready to go to work where they were testing, His evading response was, "Conneaut." The cables weren't running that far north. As a matter a fact, on my way to work again tonight, I saw the cables were crossed over Rt 7 between County Line Rd and Rt 322 doubling back towards Kinsman.
The guy didn't seem like he wanted to talk to me too much. & What appeared to be his boss or foreman or something pulled in after me, so I left.
Even if they want to be discreet and secretive, they need to inform home owners that they are testing, so they're not so terrified that they head outside in the freezing cold just to be safe. Just my 2 cents worth.
Correction: It didn't double back. It only crossed over Rt 7 to someone's property, but the trucks were on the opposite side of the road in a field.
IN TODAYS WARREN TRIBUNE-Trumbull county ALOV has scheduled a meeting this friday at 6 p.m. at the Champion high school to discuss o/g opportunity for residents. This Saturday is the deadline to join group. Call ALOV 330-337-3100.