Dale Ross
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What is your role?
Landowner
Which state(s) are you following?
Pennsylvania
What shale plays do you follow?
Marcellus, Utica

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At 3:58pm on December 31, 2011, Jim Litwinowicz said…

It would seem that they have gone past the allotted time and you might be able to get out of the lease. Keep in mind that doing so would mean it may be many more months before you get paid from any company.  And you may not get the same lease with all its landowner protections. I'm not sure of the procedure to follow to get out of it,,,you can try just demanding they release you or you might have to use an attorney. Don't know anyone that has done that so I don't know how best to proceed.

 The marketing agreement with Co-X gives them exclusive marketing rights for your O & G rights. That means they are permitted to collect their fee no matter who you sign with within the one year term of the agreement.

Hilcorp is still offering the same $3000/17% but will look at your parcel and consider matching any higher offers you may have. I think Shell has been offering $3250/acre.

I don't know how many acres you have but I think I would wait another couple of weeks if I were you. The hassles of canceling and starting over just aren't worth the risk, IMO. Especially if you end getting a lease thats not as landowner friendly.

Good luck whatever path you choose.

 
 
 

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