Are there any companies still leasing in Belmont County/Wayne Township? Rice Energy said they currently are only interested in Smith and Goshen Townships. We currently are leased with Gulfport.
Is your lease expiring without your property being unitized by Gulfport?
Our lease will expire July 1. They will renew the lease, but want to pay us in installments over the next five years.
That's the same thing they told my son. He is located near Somerton. $250 more an acre over initial lease, but no guarantee they will pay all 5 years. Gulfport said they are having financial difficulty. My son told them that his first lease was not land owner friendly and he would not sign their offer. His lease is up in July.
If ya don't need the money why not consider a lease as a investment for the family down the road? If you were lucky enough to have leased in the past there was a reason. I can't see being nice to the O&G companies when they have showed no real interest in being fair with landowners from the negative reports upon their accounting and what they are really making. Example the NGLs that I have seen Marathon oil transport out of a well site by semi tanker loads 24/7. Seems as if the oil cycle has a tendency to rebound and who knows what will hit the fan when Iran has the bomb and runs the show in the middle east?
Perhaps we should take a break. apply pressure to the legislature to formulate a Truth in Leasing document similar to the Truth in Lending Act.
I live in the same township and several people had there leases renewed by Gulfport in December 2015. This is near Sandy ridge and flatrock area. I know Gulfport sent a letter to some royalty owners about deducting enhancement fees, some have not received royalties for 3 months or more. They cannot give a good explanation and how long it will take before they begin to pay again.
Please message me - I know something about this but it cannot be public.
I would really like to know, all my efforts have come up with nothing.
We had a lease with Rice as a part of the Smith Goshen Group but in November they sold the lease for our land and others that were part of that large group but were in Pease and neighboring townships to Ascent Resources, formerly American Energy. That lease expires in November, 2017 but the an option for them to renew at the same terms. Given current prices, we doubt that will happen.
I heard that Gulfport was going to put a couple more pads in Wayne and Washington townships?
Sounds like Gulfport maybe moving ahead with pads on the eastern side of Wayne township.
Does anyone know of Gulfport putting in any pads on the Eastern side of Wayne township in Belmont county?
Looks like Gulfport is setting up to start drilling on the ward pad in Wayne township.☺ Any word on any other pads being started?