Royalties...finally
Finally started getting our royalty checks from Chesapeake and Stat Oil. I was a member here before but nothing was happening with our property and all everyone was offering was conjecture and hearsay. The checks we have gotten from our well in Bradford county are really not that good. We must have gotten an average production well. We have 15 acres in two units and the on that is producing is about 9 acres and the total checks between the two oil companies total about $1500 dollars for three months of production. The gas prices they sold the gas out was well below the well head price that you see on tv or on Marcellus shale forum. The gas was sold for over $1.50 less than you see everywhere and the amount chespaeake takes out for production is between 34-38 per cent which is ridiculous. Hopefully, the price of gas will rise in the future to give us a little more in royalties. Just wanted to post this because when I was a member before was kind of upset that no one would say what they were getting and told myself when i received royalties I would share the info. Really thought we would be in for a windfall but I guess it all depends on the output of the well and the thing is we only have one well drilled on the pad and it doesn't look like more wells will be drilled in the near future. Just have to hope the other unit I am a part of will produce better. If any one has any questions feel free to ask. Thanks
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Replies to This Discussion
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Permalink Reply by James T Monyak on
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Unfortunately, CHK is only selling their mid-stream assets. Maybe in the near future it will be some or all of their upstream.
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Permalink Reply by Tico on
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I would be ecstatic if someone took our lease over from Chesapeake , but I doubt that would ever happen, they are to large of a company, they would probably just let the wells sit idle ,shut in
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Permalink Reply by mark ayers on
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The fact is CHK is having a fire sale, and if they aren't paying their royalties who else isn't getting paid, selling their midstream is a bad sign no matter what their press releases say. When you start swirling around the bowl, you can bet you probably going to get flushed...
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Permalink Reply by JK on
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Well what do you know, today I called CHK yet again and was told we are on the "pay" list and can expect to receive our check this month!
I was told we will be paid from June thru October and that they pay 2 months behind production. I wonder if we will be also paid INTEREST on these delays!
That's business and you can bet THEY get interest paid to them!
Every time I have called I have been told a different story every time.
Still don't trust CHK.
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Permalink Reply by LW on
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JK, Are these from wells that started production in June? If so, did you receive Division Orders? We received division orders for one well that started prodcuction in July. I am hoping that means that the check is in the mail also.
Good Luck!
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Permalink Reply by JK on
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LW,
You can follow the posts in this whole thread and get my story.
Our wells were drilled in the 80's and are still going strong.
The wells have been drilled deeper 4 years ago and refracked.
We had an ownership change through inheritance and that's why it took so long to get back to receiving royalties.
I hope your check is in the mail for you too.
They do run 2 months behind in paying for production.
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Permalink Reply by Doug Duffield on
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No interest just the money owed for production. Remember the tax man wants his money, a 12.5% lease with CHK after deductions will yield the royalty owner in the neighborhood of 7to9%, thanks to Kilmer vs Elexco ruled on by the Pa state supreme court.
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Permalink Reply by rusty e mercer on
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in your lease is it stated gross or net from wellhead?
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Permalink Reply by LW on
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Just reporting back. There is a Santa Claus! Just wish he would have delivered more. We received a check from Chesapeake today and DO from Anadarko. I can not make sense of what we will be receiving total, but so far it amounts to about $32.00 per acre per month for 1 well. This is after deductions, 640 acres, 12.5%. Is there anyway of knowing what other companies will be sending? How many companies and what portion? Anadarko says our decimal reflects 25% , but I can't figure out how this all adds up.
Merry Christmas!
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Permalink Reply by Clinton44 on
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Hi LW,
To find out who the other venture partners and what percentage of the lease was assisgned to them by the operator which I assume is Chesapeake.
You can either ask Chesapeake, or look for the lease reassignments in the local courthouse
Good luck and happy holidays!
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Permalink Reply by LW on
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Thank you Both! I check and purchase on a regular basis from Landex. There are 5 additional companies, Chief, Radler, ACP, Mitsui, and Statoil with assignments. But never a breakdown as far as I can tell. It would be nice if Santa brought a check from each! Not holding my breath. I will call Chesapeake on Wednesday. The last activity was from Jamestown Resources, which Chk's CEO owns. I assume he opted in for his 2.5% on CHKs wells. If he knows something that seems like a good sign for the future! Happy Holidays!
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Permalink Reply by Clinton44 on
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Your Welcome!
You will probably get a check from each, unless they do not market their own share of the gas. It also depends on the language in the reassignment agreements between the venture partners.
We currently get checks from three partners in the same wells Anadarko is the opperator, Mitsui and Ultra Resources are the partners.
Rest assured eventually it will all work out and you will receive whatever your royalty ownership interest percentage is in your lease.
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