Lease Offers in Harrison County

Updated November 8, 2011

This webpage is a little over a year old. During this time frame oil and gas leasing
offers have increased significantly.

As of November 8, 2011 the signing bonus has increased to $5350-$5800 with the royalty percentage at 20 % gross. Leases are being signed by several companies. The best lease terms are being realized by the landowner groups that offer their acreage through a competitive bidding process. I personally believe the money offers will continue to increase with time. The highest offers occur when landowners pool their land into contiguous units.

Presumably, all are aware that Chesapeake recently leveraged 25% of their leaseholds in

Eastern Ohio for $15,000 per acre by forming a JV with an undisclosed oil major.

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Replies to This Discussion

Permalink Reply by Finnbear on June 22, 2011 at 12:30am

To confirm it is oil they are after, take a look at this Investor presentation from Gulfport Energy.

Permalink Reply by Paul Martinelli on June 22, 2011 at 10:21am

Jim you are correct....It is oil here in Ohio/utica and lots of it.

 

We are expecting 20-30 wells drilled in Tusc. county in th enext 6-8 months.

 

 

Permalink Reply by scott jackovitch on June 22, 2011 at 10:53am
Thanks Jim for the words of encouragement.  After reading Mr. Finnbear's post from Gulfport Energy I believe most of the folks are under estimating the magnitude of oil below our feet here in Harrison county and eastern Ohio.  Gulfport claims the Utica to be one of the most promising oil plays in North America. I do not know what all of the numbers mean on the report but they look better than the Baaken shale and the Eagle Ford shale. Do you suppose it could be true that the Utica could be the largest oil discovery here in the US in recent years ?
Permalink Reply by Brian C Waddington on June 21, 2011 at 8:29pm

This is going to a train ride and I'm readly to go or you Scott J. They are looking for oil and they found want there looking for and it is in OHIO. I like to call it OHIO O for OHIO OIL!!!!!!!

Permalink Reply by scott jackovitch on June 21, 2011 at 8:42pm
It is good to see some folks who don't have blinders on.  If they were after natural gas they would not have come here. There is plenty of that in the PA marcellus play. They are here for oil where the big money is at. I agree with you guys 100%.  The Utica is going to be a big oil play when it is all said and done just put the pieces of the puzzle together. A new steel mill being built in Youngstown to produce drilling pipe, a new frackwater treatment plant in Warren ,  Chk spending 1.5 billion dollars leasing over 1.2 million acres all here in ohio. For what dry gas ???   I don't believe so .     by the way when did we start measuring water by the barrel and not by the gallon ?
Permalink Reply by FXEF on June 21, 2011 at 9:23pm

scott,

 

 The O&G industry many times measures water in barrels. (1 barrel = 42 gal.)

Permalink Reply by scott jackovitch on June 21, 2011 at 9:25pm
thanks i did not know that .
Permalink Reply by Shower Bath on June 22, 2011 at 11:15am

All,

If you dig around on this website you can find CHK take on the Utica play.

 

www.rigzone.com

 

Randy

Permalink Reply by jerry allen on June 22, 2011 at 10:46am

Finnbear,

The Gulfport investor presentation in great information.  Thanks for posting the site.

Permalink Reply by scott jackovitch on June 22, 2011 at 10:53am
I agree what an eye opener.
Permalink Reply by Buckeye Fan on June 22, 2011 at 11:10am
Does anyone have contact information for a Gulfport Rep?
Permalink Reply by Finnbear on June 22, 2011 at 11:13am
Where are you located (what county)?

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