Lease running out soon, renew with more bonus paid???

Reference Mr Paglia's post, We have leases that will expire this year. Has anyone renewed in Bradford county with Chseapeake and gotten sign up bonus and better royalties?

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Permalink Reply by Billy Park Whyde on February 11, 2013 at 2:50am

 There has been many post about holding out for being leased. There is of course pros and cons to the discussion. I myself and many others have yet to even been approached upon leasing although we are in the oil window (rather surprising to me with oil being somewhat a steady profitable price why the O&G companies are not going for it) .

  If we look at what has transpired in leases, some took the offer 5 years ago at the going rate back then, saw it jump in one area from $100/acre to close to $5,000/acre!  Some won some lost on that, So the question is do you need the lease bonus money or can you let the lease expire and start all over in the gamble?

  We do know now of areas with activity that would possibly offer a decent lease but they are in the position of knowing what they want and they are not going to advertise money raining down. Hopefully one will use all the resources available to them to make a decision based upon knowledge rather than a quick buck, my personal opinion. 

Permalink Reply by Brian Woodcock on February 11, 2013 at 3:02am

Well it's  true we are alot smarter today than back then, we have the original bonus money and put it to good use, so we don't have to sign poor leases. Interestingly however, I just found out that originally Chesapeake have assigned some rights to Stat Oil, today I see that Anadarko is listed now, so obviously other companies are still in the play, we'll see whats up. Stay tuned.

Permalink Reply by Brian Woodcock on February 12, 2013 at 12:17am

Reading through these postings and looking at the daily market discussions, I can see where with the current Obama administration, big businesses are very cautious and so even with the huge potential in the US shale oil/gas production things are going to proceed very slowly. That is until the middle east blows up and adversly affects the energy market. Then watch out. So my advice and plan is to be patient and careful.We are all living on a knife edge.Don't you agree?

Permalink Reply by Billy Park Whyde on February 12, 2013 at 1:21am

 I would have to agree with you upon that.

Permalink Reply by John OBrien, landowner advocate on February 15, 2013 at 11:05am

The number one supplier of oil to the USA is now CANADA.  Are they going to "blow up" too?

Permalink Reply by Jack Straw on February 17, 2013 at 8:48am

RE: "The number one supplier of oil to the USA is now CANADA. Are they going to "blow up" too?"

Oil is fungible and trades in a World Market.

We are no longer the largest consumer of oil, that is China.

The Supply/Demand situation is tight.

If one major supplier were to be eliminated, the World Market could cope.

But, were several major suppliers to "blow up" in the Middle East (or elsewhere); the price of oil would skyrocket (both here and elsewhere).

The oil market is not just USA imports from Canada.

Also, with the USA delaying approval of the Keystone XL Pipeline from Canada to the Gulf Coast Refineries, Canada are starting to make other plans for their oil.

They are planning on constructing several pipelines intended to now move Western Canada's oil to their west coast, for export to Asia.

Also, they are planning on constructing a pipeline intended to now move Western Canada's oil to Eastern Canada, replacing oil that is currently imported into Eastern Canada (and also making that oil available for export to Europe).

With the USA delaying approval of the Keystone XL Pipeline, the USA are not now viewed by Canadians as an honest or dependable partner.

Today, Canada may be the "number one supplier of oil to the USA"; depending upon our actions, they may not be prepared to supply as much oil as they historically have.

The USA currently purchases oil from Canada at a steep discount to World prices; once Canada have the means to export oil to Asia (and other markets) at World prices , that discount will shrink or disappear.

We are screwing the pooch, as I type.

Yes, in a fashion, Canada may "blow up" too; with the USA having lit the fuse.

 

All IMHO,

                 JS

 

Permalink Reply by Billy Park Whyde on February 15, 2013 at 11:14pm

If the government "BUILT YOUR BUSINESS" One ought to be able to say as the leader of this government "I DESTROYED YOUR BUSINESS" flat couldn't resist.

Permalink Reply by James T Monyak on February 11, 2013 at 6:12am

My lease is running up in July and Chesapeake said they are not going to renew the lease.

Permalink Reply by Brian Woodcock on February 15, 2013 at 11:17am

Our lease is in Sheshequin Twshp Bradford county, where is yours please.

Permalink Reply by James T Monyak on February 15, 2013 at 11:24am

Fox Township, Sullivan County PA.

 I also own 2.2 acres in Ulster Township, Bradford County PA that Chesapeake has drilled a year ago and I am still waiting on pipeline in order to receive a royalty. 

Permalink Reply by Brian Woodcock on February 15, 2013 at 11:57pm

Yes pipeline waiting is our game too I believe.

Permalink Reply by Kathleen on February 17, 2013 at 7:52am
I'm confused. If you signed with Chk and they drilled and you are just waiting on a pipeline why would they resign you when they are currently holding you by the well?
Are you in the unit?

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