I'm new to "gomarcellusshale", as well as new to this business. We have a 152 acre farm with "Clinton" gas wells which supply our needs.
We've been approached by Fossil Creek Energy Corp (FCEC) for $50/acre, 12.5% Royalty, and $10,000 if a well is drilled. We are sitting on the Utica Strata. I've carefully read the lease and am very suspicious of the terms. We are consulting attorneys. I don't see any members from Noble County..and some interesting notes from Guernsey which lead me to suspect the FCEC lease. Can they broker a lease after signing "cheap"?
We have news of ARTEX Oil offering leases in our County, they're out of Marietta. Any comment on FCEC, ARTEX, and my suspicions would be welcomed!
Mark Curry and others: I understand you're in Buffalo Twp. I got a call today from one of my good friends who is active in getting a group together. She called to say that Shell Oil is signing the following Noble Co twps: Beaver, Buffalo, Seneca and Wayne-they border Guernsey Co-for plots of minimum 30 acres. The terms are the same as they gave in Guernsey Co, where they are still signing leases at Southeastern Equipment on Rte 40 East, from 8-6:00pm: $5000 bonus/ac and 20% royalties for plots of 30 acres or more. She said the lease should be a good one, since the group leader that negotiated with Shell is a lawyer. Tell any of your neighbors who aren't signed that they can sign with Shell right now at Southeastern Equipment.
If this group is still signing at the same place that they held the main signing, then it is at the Southeastern Equipment "training center" & not at the main Southeastern Equipment building. I live right down the road from these facilities & I can definitely say that there was a lot of traffic coming & going from there the past couple of weeks. I was not aware they were still there though.
Everyone is allowed to do whatever they want. However, there is a thing called "Force Pooling". If you don't lease, they can drill anyhow and pay royalties only. It's Ohio law. Something to think about.
Mandatory Pooling is allowed by ORC 1509.27 but I think the producer is only allowed to do this five times per year and I believe the permit fee is $5K as opposed to $250 (not that money is an issue with these folks). It does not sound like this will be a regular occurance.
For those in Monroe county there is still time to join our group Eastern Monroe landowners which will be submitting our acreage & mineral rights out for competitve bidding, You will need to contact Lensman & Associates 330-497-8269 ASAP to add your acreage ,
We are a landowner non profit group & expect a good offer on a good lease in 6o days max and you can quit listening to just hold on were working on a deal! its coming fast! and all the other Rumors & stuff that go along with waiting.
We also have a meeting scheduled for Thursday 11/10 at 7 PM at the Laings community center in Laings on State Route 255