Replies to This Discussion

Permalink Reply by 09bp5t05myjl3 on December 5, 2011 at 4:20am

That was the Lensman & Associates group that signed.

Permalink Reply by psychosid on December 5, 2011 at 7:45am

Lensman & Associates.  They are still taking acreage, but this additional acreage has a minimum size.  I believe if a landowner is smaller, like 1 acre, they will need to get their neighbors to get together and try to meet the minimum size requirement.  Acreage in York Township should be very interesting to LA.

Permalink Reply by tonya palmer on December 5, 2011 at 8:37am

Hello.....just wondering if anyone knew a contact for this group. The majority of our acerage is in york township but we run into mead also. Would that make a difference? Thanks for any help

Permalink Reply by 09bp5t05myjl3 on December 5, 2011 at 8:49am

Tonya I don't know if they are still accepting acreage or not, I heard the deal was done but Phychosid may know more than I do as I was not involved with this Lensman group, Here is their main number 330-497-8274

Permalink Reply by psychosid on December 6, 2011 at 12:55pm

They are still interested in acreage in Belmont County and I'm guessing York would be the preference because that's where the majority of their acreage is based.  They are looking for tracts larger than 10 acres, or multiple contiguous tracts that add up to at least 10 acres.  If the parcels are in mead and york and are contiguous, I don't think it would matter that they are in different townships.  Dan Passerini is the guy you want to speak with, his number is 330.526.0210.

Permalink Reply by adam sorell on December 6, 2011 at 1:20pm

how much did they sign for??what were royalties and lease bonus??

Permalink Reply by adam sorell on December 6, 2011 at 4:00pm

what about the income tax. I keep hearing it's 50%  does it go by fed income tax rates?

Permalink Reply by tonya palmer on December 6, 2011 at 6:08pm

thank you all for the information. I was able to speak Melissa from LA and she did inform that they are still taking clients in belmont county but are very close to closing with the oil and gas company that they are working with. I could not get any further details (bonus, royalty, or even oil and gas company name they are working with) until we sign 3 forms that she faxed to us- engagement letter, confidentiality agreement, and landowner questionnaire. Not sure if we should sign these or if we need to have someone else look at them first. It does state that we are not obligated to sign a lease but does state that we could not enter into any other lease within 90 days from the date that we terminate engagement from LA if we decide to do so.

Permalink Reply by 09bp5t05myjl3 on December 7, 2011 at 2:23am

Tonya Unless you have a different engagement letter than everyone else that it that you cannot sign a lease with the same company at the same bonus & same royalty for 90 days or you owe Lensman their fee, you can sign a lease next day with anyone else or same company at different terms and owe nothing.