New to this Craziness!!

My husband and I recently purchased 115 acres in Cambridge Township in Guernsey Co.  Apparently, we missed the leasing boom that appears to have rolled around last year.  Any suggestions on where to start?  We are interested in leasing.  I should mention that we live about 3 hours away and seem to be missing out on the local gossip mill.  Who to call?  Current going rates? Any info would be greatly appreciated!

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Permalink Reply by John OBrien, landowner advocate on April 8, 2013 at 12:00pm

Amy, 

Interested in leasing and leasing are two different things.  First of all educate, educate, educate yourselves thoroughly.  Don't ever sign anything without legal representation or advice.  They will skin you alive if they can (developers, but mostly landmen)  If a lawyer tries to solicit you, he may be a landman in disguise.  Keep reading this site and join the Ohio association when it develops.  Time is on your side.  I am speaking from experience.  I was hoodwinked, my father was, my brother was, and lots of other folks.  BE CAREFUL.  Talk to your neighbors and make friends.  Ask them if they are willing to disclose the lease terms they got for starters.  Then go slowly from there.  Good luck.  

Permalink Reply by Black gold on April 8, 2013 at 12:12pm
Did you get the mineral rights gas and oil?
Permalink Reply by bo boboski on April 8, 2013 at 12:13pm

Cambridge twp. Guernsey co. A lot in this twp. was leased by Shell, or Swepi. They are currently waiting on a new leasing budget, then may be filling in areas needed for drilling units.  They have an office on stuebenville ave. 2nd floor of Edward D. Jones bldg.  Their landmans # & name Randy Wright  601-310-0868.  Most got a $5000. signing bonus per acre.  &  20% on royalties. Drillers are waiting on the frost laws to expire.  But most of all, waiting on pipelines to be installed,which could be a year or 2 away. Not much going on in Cambridge twp. No permits for Horizontals yet.

Permalink Reply by arminius on April 8, 2013 at 4:48pm

Bo

Do you have any contact information for EQT in Cambridge? They have quite a few leases in the W/SW portion of Cambridge Twp.

Permalink Reply by Mark McGrail on April 8, 2013 at 12:14pm

Amy,

Just to second John's thoughts, take your time. You have only missed the first round. Be patient. We are forming a land owner association, and hope to provide leasing info as part of the services.

Permalink Reply by Amy Ingles on April 8, 2013 at 3:14pm

Thanks for the info.  As a business owner with 260+ employees, I run everything by my lawyer. 

Permalink Reply by Billy Park Whyde on April 8, 2013 at 3:36pm

 Amy when it comes to Oil & Gas it's a good idea to find a lawyer with Oil and Gas experience not all lawyers are created equal. 

Permalink Reply by JR on April 9, 2013 at 12:37am
Are you certain you're not already leased? And are you certain you own the O&G and mineral rights? We live 2 hrs away from our land and had no idea we were already leased until we were approached 2 years ago and it came to light through a title search. Also, many folks realized they were only SURFACE owners after they were approached to lease back when this boom started.Guernsey seems to be pretty hot right now, so if you have the opportunity to lease, like others have said, take your time and get a great advisor. This business is slick and they always know more than we simple landowners do. Good luck! It's a fun ride...
Permalink Reply by Amy Ingles on April 9, 2013 at 1:06am

Yes, certain we are not already leased and O&G rights were negotiated in the purchase.  The firm we have on retainer for our business is large and well known for representing big coal.  In fact, I believe they have an entire department for Energy Law.

Permalink Reply by JR on April 9, 2013 at 1:27am

Then you should be fine. Gulfport seems to be pretty hot on Guernsey, Shell, etc.  Make sure you follow the Guernsey County forum on this site, and you'll get lots of local gossip.  You could probably get some info on who has leased land in your area there, etc.  Guernsey just emerged as part of the current "sweet spot" so you shouldn't have any trouble leasing, just be sure it's as good a lease as you can negotiate.  With experts on your side, you should be fine with that.

Permalink Reply by Paul Martinelli on April 9, 2013 at 1:39am

Amy, unless you are in a hurry for upfront $$$.....sit back and learn all you can.

 

I believe that if you have land to lease....they will come find you when the time is right.

When they come to you....you are in a better position to negociate favorable terms.

 

Just my thoughts based on what I've learned.

Permalink Reply by Tim Tarr on April 9, 2013 at 1:12pm

Paul,

I think that's very good advice. I agree with Fang too.

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