I'm curious to find out if any followers here signed their lease through Eric Petroleum, and if so have you been approached to sign an amendment to the contract relative to the alloted acreage per unit by Chesapeake? My understanding is within my area (Monroe Township) that they want to drill 6 wells per unit, each unit to consist of 1000 acres and expect to do this, this year. Have you signed? Will you be signing?
Hey Hey, I'm learning. Not much of a blogger but it's a great communitey site for staying informed. :)
Hi- Did you sign a pooling agreement that pooled your land w/ other owners to create the 1000 acres? At present (we have land in Rose Township next door to you) our pooling is for 321 acres and have not been approached to increase that #.
Also, have you been approached to have sismic (sp) tests done. We were offered $3.00 per acre. I was wondering two things a) if $3.00 is a reasonable stipen b) if having the request for those tests being done a good sign that drilling is is the near future (depending on the outcome of the test of course).
Good luck. Hope they drill a big well on you land. - Denver
Hi, Yes we signed a pooling agreement, but the contract stipulates that the unit is not to exceed 800 acres. I received a letter from Chesapeake stating they are in the process of forming exploration units in my area for the drilling of O/G. They requested to come out and we did meet. I was told that they want to amend my current agreement to reflect some 1000+ acres so our property could be included in the unit, and that they want to drill 6 wells on each unit. He also advised they want to have 60 wells in Carroll county by the end of the year as Total is pushing them to move forward in this area. He did mention smaller pooling agreements such as yours that would prohibit Chesapeake from including them. Hopefully they would request to amend your contract as they did mine.
I've not been approached as of yet for any seismic testing and am unfamiliar with it. I hope to learn more on this blog site about that. On a side note, I did receive a letter today from JTS Resources out of Tulsa today offering $4000 per acre.
Hi, Was the offer to purchase your mineral rights? $60,000 sounds good, but it sounds as though you are in a very good positionright now to aquire much more.
I should clarify that I own 16.2 acres and have already signed into a contract through Eric Petro and received my sign on bonus. Chesapeake is just wanting to amend a portion of that contract so that our acreage can be considered in their 1000 acre Unit.
The offer from JTS Resources was just a FYI in case anyone in my area is still holding out to sign over their mineral rights.
Babs... please do some research before looking at amending. Read the discussion "Royalty Calculator Using Ohio Shale Coalition Study Projections" under the main discussion board. There is a royalty calculator on xls. that you can put in your own acreage and percentage. Try changing the unit size from your original 800 acre lease to say 1280 like they are trying to propose everywhere else. You will see a SIGNIFICANT decline in your long term royalty. I don't see there is any advantage to amending. I am thinking it is a scare tactic to get more land HBP with fewer wells... Be wise and do alot of research before amending...
Hi Sonja.. Thank you for responding & the info. I found the calculator and will punch in numbers, I need to understand it better. Chesapeake did bring their own calculator spreadsheet to us, what they are telling/demonstrating to us is that the more acres on the unit itself the more wells/productivity in oil/gas and royalties. I will not be quick to sign anything and thought about holding out to negotiate a better royalty percent as I have found some in our area received more through signing on with a different company. Chesapeake's calculator was over a 20 year period of time. I appreciate any and all feedback from this forum.
Also.. does anyone know the unit name that is off 542... off Magnolia Road?
I believe that is the Ott well, the one near Atwood. There is the Halter well off 183 and Bachelor Rd just west of Magnolia as well.