Replies to This Discussion

Permalink Reply by Robin Fehrenbach Scala on March 2, 2010 at 2:27pm

Mark
I spoke to Chesapeake a few weeks ago to see what their plan was for the rest of us. There is no plan.

I don't believe there is anyone who knows exactly how much acreage is still unleased in Wyoming County. To figure that out, you would have to go to the courthouse and search each and every landowner in the county. In addition, there are old leases from many years ago that renew every so many years, etc. It is NOT a simple task and there is no EASY way to do it.

The only thing anyone can do right now is WAIT. If you get an offer from Chesapeake or anyone else, be aware that they never give you the best offer right away. You ALWAYS have to negotiate. You will have to give a counter offer to get the higher bonus, the better royalty percentage, and most of all the lease language that covers your butt.

KEEP IN MIND....we have just begun a shale play that should go on for 50 or more years. The gas companies involved are only now learning which areas MAY be good for drilling and which MAY not. This will change constantly. Just as it has changed in the past two years that I have been involved.

Don't worry. Don't sign the first thing you see. And absolutely don't sign anything unless a GOOD gas lawyer has looked at it first (worth the couple hundred it might cost). I am sure you have already heard about the people who signed for $25 an acre and are now complaining that they were fleeced. It was really their own doing, when you think about it. Nobody twisted their arm to sign. Landmen lie because that is their job, just like used car salesmen.

Take it slow, double check all information, and make sure you are doing it for the right reasons. A lease conveys substantial control of your land. Think long and hard first.

(By the way, I am still not leased after two years and dozens of offers. There is still plenty of time.)

Good luck to all.

Permalink Reply by Chris D on March 2, 2010 at 3:56pm

If in Washington Twp. you meant try Citrus Energy they are in the P&G area ,better lease than Chesapeake and faster to market.

Permalink Reply by Jack on March 2, 2010 at 3:30pm

Patience is the key, without a doubt. There are so many people who need money and they will be taken advantage of. So, if at all possible be patient. The wyoming group had aprox 38,000 acres and the county is 150,000 acres so that gives you an idea of some leased acreage. Yes, there are old leases but I would be willing to bet that half the county is still unleased. Keep in mind chk is hardly the only co that will be dealing. With exxon and encana in the picture us future people will be dealing with a lot bigger companies then chk. personally, I will only sign with the FG or WCG lease (they can choose) and this summer my price will be at about the $7000/25% range....otherwise, I'll BE PATIENT!!!!!!

Permalink Reply by Robin Fehrenbach Scala on March 2, 2010 at 4:17pm

The Wyoming County group transaction was just ONE such signing. Prior to that several smaller groups signed in the county and then we have the individual landowners who have been picked off one by one for the past two plus years.

I know there were plenty of Chesapeake leases signed when they first sent the mass mailing back in early 2008. Quite a few people signed with Cabot in Wyoming County, and with other companies including New Penn, Chief, NorthCoast (EXCO), etc. Back then I spent an hour in the courthouse just to get some idea of who did what.

Maybe a quarter of the land is left unleased. Just as a guess. Most likely it is less (especially the larger pieces).

Permalink Reply by Jack on March 3, 2010 at 1:17pm

well, just in my neighborhood I can acount for about 2000 ac unleased that I know of. I know more unleased people then I know leased in this area....lake winola/saddle lake/Osterhout/Bardwell/Factoryville/Dalton. I think you would be surprised how much land is out there for exxon to make an offer.

Permalink Reply by Robin Fehrenbach Scala on March 3, 2010 at 1:49pm

Jack
That's because you are in MY neighborhood.
We are currently the best kept secret in the marcellus.

Permalink Reply by Tim Swartz on March 7, 2010 at 2:36pm

i live in newton township in lackawanna county and we were part of the wyoming county group. Havent heard a thing from anyone about signing. Anyone know of anything???? We have 23 acres here up for grabs

Permalink Reply by James Cooperman on March 8, 2010 at 11:47am

Would it be possible to start another land owners group? If so we could take out an add in the local paper and advertise for member? I'm an out of state landowner and may be behind on some of the rules and what is going on. If this is already sugested. But if we could get a big enough group they may take notice.

Permalink Reply by Tim Baltz on March 10, 2010 at 5:51pm

Jim,

I could put you in contact with someone who is putting together a group of landowners(both in state and out of state) that is talking with Chesapeake, Range Resources, EQI and others as well. He is looking to get a large total acreage to get the best deal.

Let me know if you would like his contact info.

Permalink Reply by James Cooperman on March 11, 2010 at 10:14am

Yes please. I can't help but think that dealing with Chesapeake as a group is the best way to go.

Permalink Reply by Tim Baltz on March 12, 2010 at 9:26am

Jim,

Give Jim Monyak a call 610-668-5069. He is really on top of what is happening with the Marcellus Shale.

I will let him know you will be calling.

Permalink Reply by CPG on March 23, 2010 at 10:20am

I too have not leased...we have 22 acres. Chesapeake started their website purely to get all the names of people with unleased land....so they can pick you off one at a time for cheap....leasing will be in the 10K range within 18-24 months....please hold out...it benefits us all....I wish we could get a second group going for wyoming county..

any thoughts?

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