Just wanted to start a thread to see what kind of offers people are getting in Belmont County.
It doesn't have to be a signed offer, just any offer from a legitimate company.
List company, up-front bonus, and RI%.
Eclipse, $2250/acre, 15%
CHK similarly changed their offer in Columbiana county back in March. That price change coincided with the ending of the first quarter and likely a condition of their JV with Total S.A. It's possible that they legitimately don't like an area as much as they once did, but the most likely scenario (at least regarding CHK) is that they've spent a fortune acquiring acreage and they simply don't need more. They'll take it, but at a discount.
As far as the other companies in Belmont (notably Hess & XOM) they want results on the acreage they have first before jumping too far in. If most of the county is in dry gas then they will have to wait for better prices before these wells will be economical. Hess, through their JV with CNX, has quite a bit of land in the liquids window and might want to prove that up first. If Belmont is mostly dry gas then the value of the county will be diminished...for now. Once prices rebound that dry window will be very, very valuable.
I know of two other companies leasing in the area who are also offering $4k/acre.
Chesapeake is still at 5300 at 20 percent in Warren township with their lease. It is very tempting after this long wait.
that's alot better than $4000
Which lease are they offering at that price? If it is their standard boilerplate lease, there is no way I'd sign it at that price or any price close.
Without reading the whole lease and addendum, it is impossible to say if it is good, bad, or otherwise.