Halcon buying deep rights from NCL

Read on the internet a report on an investor site that Halcon had bought over 30,000 net acres of deep rights in Ohio from NCL.  These it stated were from 50 foot above the Utica down for a sum of $6,100.00 per acre. What does any one know about this.  This agreement was dated May 8 with an effectivbe date in June.  Thanks for any information you can provide.

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Replies to This Discussion

Permalink Reply by Jack on August 9, 2012 at 1:46pm
Clean up?
Permalink Reply by USMC1970 on August 9, 2012 at 4:38pm

Yes, most older leases have some restrictions that will need to be waived to form the necessary parcel sizes for drlling.

Permalink Reply by Jack on August 9, 2012 at 4:50pm
I wonder if they are going to throw us a bone to amend the old leases?
Permalink Reply by Sage59 on August 9, 2012 at 11:03pm

Yes, if we form a unified group along the lines of ALOV. Definitely no, if we talk to them individually. They will dictate the terms. Our only rights will be equal to or less than our outdated leases allow. Normally no bonus, and 12.5% royalty. They have absolutely no reason to increase our lease terms and conditions for our benefit. I would like to see a reasonable bonus and an increased royalty. Individually we are like a single soldier fighting an entire army. That may be honorable, but the result won’t be good.

Permalink Reply by USMC1970 on August 10, 2012 at 1:53am

You are correct Sage59. I believe that we should get the Lordstown Landowners Group started ASAP. I believe that Halcon paid NCL a premium, with no residual royalties for a reason. They knew that they would probably need to retain some inducements for negotiating waivers with the Lessor's holding these antiquated mineral leases.

I am sure they are monitoring this site so we should limit our discussions, as of now, and  organize a meeting of all the locals.

 

 

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