Replies to This Discussion

Permalink Reply by Arco on March 2, 2012 at 9:16pm

Does anyone know whats going on in Monroe? Have not heard anything for weeks. Need to fine a new group around northwest geen township.

Permalink Reply by Vicki T on March 6, 2012 at 5:19pm

I'm with Glenn - would like some information not jokes..

Permalink Reply by Sam Moore on March 6, 2012 at 5:25pm

I have been told the Leansman group is going to present offers on Thur. in Laings

Permalink Reply by Bob on March 6, 2012 at 5:43pm

Does anyone know how the Belmont group that signed with Lensman did.  I was told that they signed a lease but didnt get their money.

Permalink Reply by 09bp5t05myjl3 on March 6, 2012 at 9:39pm

Who did you hear that from Bob, thats not what I heard.

 

Permalink Reply by psychosid on March 6, 2012 at 10:56pm

The Lessee Lensman Recommended and signed with did not pay 50% of the Lessors by the end of February as was required in the agreement/lease.  100% of the Lessors with their oil and gas rights were to be paid by the end of March.  It seems that they are already in breech of contract by not paying anyone by the end of February and the Belmont Group will most likely be asked for a time extension to explore other options.  I doubt the members of the group will agree to this.  The Lessee is saying it is very busy at the courthouse and that there are a lot of unforeseen issues that weren't anticipated; a court case, coal reservations that may or may not have reserved the gas, actual oil and gas reservations that are now causing Lensman's Recommended Lessee to balk at paying those that OWN their oil and gas rights.  Somehow Chesapeake, XTO, Hess and a few others didn't have problems at the Belmont County Courthouse!  I don't believe that was ever the deal that was discussed with the group and now it seems that Lensman's Lessee isn't going to pay anyone by the end of March and will most likely request an extension to finalize a deal.  I would not recommend that the Monroe Group agree to sign with an oil and gas company, shell corporation, etc. that doesn't already have a stake in the Utica play as you may think you are getting a landowner friendly lease and it's all over if you own your rights, but in reality the shell corporation just can't find a buyer to flip the lease.  There was a lot of action back in October/November and the Sustersick Lessors with XTO have been paid.  This I know for a fact.  Now, the Lensman Belmont Group is 5 months down the road and back to square one if the Lessee doesn't pay by the end of March.  The Monroe Group needs to ASK Lensman about these issues before accepting an oil and gas company that is a shell corporation. 

Permalink Reply by time will tell on March 7, 2012 at 7:45am

Psycho , thats the kinda stuff that kept me from signing with them .

I meet with them and didn't get that warm feeling one should .

Permalink Reply by Finnbear on March 7, 2012 at 7:35pm

Isn't that where Captina Creek (and SR148) meet the Ohio River? My land lies along a tributary of Captina Creek.

Permalink Reply by psychosid on March 8, 2012 at 2:49pm

Is the "Point" on the North or South Side of Captina Creek? 

Lensman didn't give details about the court case, just that it included a lot of the group's acreage.  The other so-called "issues" shouldn't be issues, as all the other lessees are dealing with them. 

Permalink Reply by 09bp5t05myjl3 on March 8, 2012 at 3:54pm

Psychosid wern't you on here wuth Mark Leeds back in Late November sharing info on the Lensman deal & Rallying against them back then or is my Memory faulty? They have till end of March to pay as I was told & as you have seen from the guernsey group it has taken till last minute.

By the way anyone read the Intteligencer column posted by Gale on the lawsuit for doing business in Ohio without a license? can anyone tell me what company the landman is licensed to broker Leases in ohio? and do you think they will be valid & binding?

Permalink Reply by psychosid on March 9, 2012 at 10:12am

Tom:  I spoke with Mr. Leeds but was never "with" him.  His answers to questions just never sounded right and I'm not sure where he has even went or if the landowners that signed with him ever received their bonus.  I was never against Lensman.  Some of my posts may have sounded that way, but I'm on here to convey information to and for landowners, not to represent law firms or groups that are trying to make money off of landowners that own their rights.  (We all know you can copy and paste and I've been down this road before about Lensman, so let's not go there right now.)  Lensman's process is obviously different than signing directly with XTO or Chesapeake and they seemed to be a viable option to the other groups that were trying to acquire a lease.  They are a professional group that recommended a shell corporation that currently seems like it was only trying to flip leases to make a profit, just like they (the shell corp.) did in the Marcellus play in PA.  The group can only hope for an equal or better deal with a reputable company like XTO, Hess, Chesapeake, etc.....oil and gas companies that plan on drilling wells and producing.  Oh, and the Lessee decided to cancel their right to sign the group's leases so the Belmont County Group is starting all over again.  Non-payment by the end of February was just a precursor to the inevitable.....

Gale:  Yes, no information has been conveyed to the group members about the specific lawsuit that caused the Lessee to back out of the deal.  Some information has been passed to group members as far as minor fixes to titles, but the clear majority of the group doesn't know if their property was a problem or if they own their oil and gas rights.  Lensman was a buffer between the lessor and the lessee.  It feels like the Lessee wasn't honest with Lensman about their intentions and didn't communicate very well with Lensman throughout the process.  The Belmont Group doesn't have a deal right now and leasing in Belmont County sure has been quiet since last fall.  Maybe the failed deal will result in a better deal for the group.....

Permalink Reply by time will tell on March 6, 2012 at 6:16pm

chill out there Vicki , you have to laugh .

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