Leases Offered in Noble County

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!

Views: 52124

Replies to This Discussion

Permalink Reply by AT on July 30, 2011 at 1:42am
Permalink Reply by sawtooth on August 8, 2011 at 11:37am
I heard today that Gulfport just signed up all the acres for Seneca Lake. Can anyone confirm this? Thanks
Permalink Reply by sawtooth on August 8, 2011 at 11:37am
I heard today that Gulfport just signed up all the acres for Seneca Lake in Noble County. Can anyone confirm this? Thanks
Permalink Reply by Private KeepOut on August 8, 2011 at 2:40pm
I know my neighbor signed last week with FCEC.....I thought he had over 500 acres, but what I'm hearing now is a little over 300....just on the south end of lake SR 574 & 566
Permalink Reply by scott peterson on August 8, 2011 at 2:44pm
Any idea what the terms were?
Permalink Reply by Private KeepOut on August 8, 2011 at 2:51pm
Scott....the last I heard from the meeting 2 weeks ago was 1750/15/5/5. Eclipse's offer has gone up to 2500/16/5/5 and tomorrow I finally get to see the lease.
Permalink Reply by scott peterson on August 8, 2011 at 3:00pm
Thx
Permalink Reply by Private KeepOut on August 8, 2011 at 3:01pm
I'm pretty much surrounded by my neighbors acreage so I'm looking to seal a deal soon. I did sign a letter of intent with kwgd, but I'm also considering Eclipse's offer too.
Permalink Reply by Robert Fulton on August 8, 2011 at 11:49pm
My My it is getting steamy in here! lol The more someone trys to trash KWGD the more I am certain I made the right choice. (Not to mention I visited their offices WOW)  Fear breeds contempt....I am looking forward to a safe and profitable venture. TP I hope you hang in there. Your property will  be included in the GROUP 5  deal and I am sure we will be successful. Also just out of curiousity has anyone been paid by Eclipse? I know the statements they made about already drilling are false. I figure if you lie to me to get my business you would lie all the way through.
Permalink Reply by scott peterson on August 8, 2011 at 11:54pm
When it gets hot....the rats start climbing out of the woodpile and we are certainly seeing a bunch of that lately. If you have to trash talk & throw out obvious false info about your competitors then you are showing your true colors. Makes the decision so much easier for us!
Permalink Reply by Private KeepOut on August 9, 2011 at 12:51am
Robert, The landwomen that I've been dealing with has not said anything about starting to drill. Right now they are in the process of getting leases signed in this area. I'm really sorry that you had a bad experience with them, but fortunately I have not. I see no reason not to keep my door open and consider all...... if they are willing to negotiate the lease. Besides, I like their offer, I think it's much much better than what some leasing agents have offered landowners around here. Just two-three weeks ago FCEC was offering 1750/15/5.....and the neighbor with all the land around me took that bait...too early in my opinion, although it did seem to be good at the time. The way I see it now, is that I'm the hole that needs to be filled so at this point I don't believe it matters who I sign with...whether it's Chespeake or Eclipse...most likely either will sell my lease to FCEC who is representing Gulfport. :-)  (It would really be nice if we had a few emoticons on this forum)
Permalink Reply by Robert Fulton on August 9, 2011 at 1:02am

No offense intended TP just sharing what I know and have been told. I hope all works out for you as you wish!

 

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service