Replies to This Discussion

Permalink Reply by Doulittle on February 29, 2012 at 9:03am

Agreed Jeff

But the flip side issue has to do with similar lease contracts written with regional energy developers who then tried to transfer them to CHK (with a markup for sure), BUT, the leases had language in them which could be interpreted to allow property owners to shop for a "best at market offer" at the time of transfer allowing for improved royalty terms, sign up, etc.

CHK has gone after those property owners with their legions of attorneys. They may have filed an action in Fed Court to snuff out any inkling of this provision ever seeing a nickels worth of improvement.

I am not saying it is the same issue exactly, but I know of landowners in both actions.

Litigators, start your filings indeed!

 

Permalink Reply by Dave on March 2, 2012 at 9:29am

Enough lawsuit nonsense.  Does anyone have any real ALOV update news?  I noticed today their website (which was less than informative) is no longer operational.  

Permalink Reply by 3mfqdrnrij9ia on March 2, 2012 at 11:36am

I talked with ALOV today. The person there told me that they have an offer for Trumbull County from a major O&G company.  ALOV members should be getting letters sometime in March for a meeting to vote on the offer.  The only thing that is holding it up right now is finding a venue that can hold 4000 people.  He also told me to pass the word, so consider it passed.

Permalink Reply by Amanda on March 3, 2012 at 10:32am

I heard this same information.  They were thinking the Covelli Center would be big enough. 

I also heard a RUMOR that the offer is $3,600/acre.  Has anyone else heard the same thing or different?  No idea on the % though.

Permalink Reply by 3mfqdrnrij9ia on March 3, 2012 at 4:16pm

I hope that runor is wrong, cause I will have to vote no.  The people I talked to said that we would like the offer.

Permalink Reply by Knows-a-little on March 4, 2012 at 1:13am

I think, if the offer is $3600, we should all vote no! They've been triangulating Trumbull for a reason,( no idea what), I'm thinking that the O & G's know that we're sitting on the sweet spot!

Permalink Reply by Amanda on March 4, 2012 at 2:31am

I agree with you guys.  I've had a gut feeling from the get-go that Trumbull had something more to offer.  If you look at the guesstimated maps of wet/dry/oil on the ODNR web site, you'll see that Trumbull has wet gas AND oil.  Sounds like a win win for both O&G's and landowners.

Permalink Reply by D M on March 4, 2012 at 3:35am

I agree. We all have to remember that this is just business. When we go to the gas station we pay what they want us to pay, because they own what we need. We are in the reverse  situation at this point, and as long as gas and oil is under our land we will remain there. Mahoning county recieved up to 5800 per acre. Chesapeake has already bought thousands of old leases in Trumbull County. Check the auditor's website. They are obviously very interested in us, and it is not to raise corn. I would definately like to hear more than 3600, and it should be close to 5800. Get on the internet and do some reasearch. Recent lease signings close to us are high. The geologist say oil is  underneath us. We know it is around us. Let's listen closely, and think hard. I am for a better price.

Permalink Reply by Tom Frey on March 5, 2012 at 12:46am

D M,

   Could you send me the Auditor's web sight for the lease information Please?

Permalink Reply by D M on March 5, 2012 at 1:34am

Sure Tom. You have to dig a little. If you know of a person who had an old gas lease on their property, you can follow the sale of that lease to CHK (Chesapeake) Utica. They bought all of the old leases in Trumbull Co. and plan to sort out which are valid for their use later. Some wells will be held by pooling agreements, or held by production. It is good to check if you have an old lease on your property, as many times they can be terminated by a knowlegeable lawyer. That will allow people to recieve a signing bonus if it happens. I have family going through that process right now, and results look promising. It all depends on the wording in your old lease. All of this info is public record, and you can search any lease written in Trumbull Co. By the way, the lease I am referring to was written in 1975, and starting in 2010, sold 6 times without our knowlege finally ending up with CHK Utica. There is oil, and they want to market it. http://property.co.trumbull.oh.us/

Permalink Reply by Finnbear on March 6, 2012 at 3:14pm

Far, far more important than the signing bonus price are the terms of the lease. If you get a big signing bonus and 5 years later hate what has been done to your property as a result of it, what did you really gain? I would be more than willing to give up some signing bonus to get the terms I want in a lease. When you are finally presented with a lease offer, be absolutely certain you fully understand every single line of that lease and the ramifications thereof with respect to your acreage. If you can't make complete sense of everything in the lease, pay a good oil and gas attorney to explain it to you. It may be the most valuable investment you ever make.

Permalink Reply by time will tell on March 4, 2012 at 7:04am

My experience with ALOV is not one I would care to do business with > I spoke directly with Bob Rea and his office several times  , they are liars ! They want to tie up your lease and cherry pick and will tell you what you want to hear .

This is the kinda thing that will weaken the the groups and drive our prices down.

Lie to me once shame on you , lie to me twice shame on me .

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