Replies to This Discussion

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 3:01am

He's an...entrepreneur.  We'll use that word for now.  The old days they would have called him a piker, a guy who makes small but calculated bets.  I assume he aggregates landowners and tries to sell their packages to E&P companies.  He's only two years too late for that game, so you know, best of luck to him on that one.  I'm really, really sorry that you got caught up with Shale Investment Fund.  I was on here what seems like eons ago telling people to beware.

Permalink Reply by GRACIE MAE on April 18, 2013 at 4:11am

I've come to the conclusion it's not meant to happen for me. I missed out on ALOV, got trapped by Shale Investment and if you only knew what a difference that bonus pay would have made for us (I know , me & anybody else that didn't) Everybody talks about the bonus pay "not that important" and I get what they're saying but it's like if you don't have the oxygen to breathe right now....doesn't really matter how much food is waiting for you on the supper table. I keep hanging on though. Do you happen to know of any complications that could come from selling property but maintaining the mineral rights? I know some people w/ alov had to get their mortgage lender to ok leasing so made me think if I sell surface property and maintain rights, the fact that the bank allowed the buyer to buy it that way would indicate they shouldn't have any say in it, right? Just thinkin :) Thanks

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 4:15am

ALOV was a total dumpster fire in Trumbull County.  Doing a deal with BP was at best naive and at worst a total miscalculation of how BP operates.  Of that 85,000 acres how many did BP actually take?  Less than half.  So even if you had signed with ALOV it is a coin toss as to whether or not you'd have been paid. 

Permalink Reply by GRACIE MAE on April 18, 2013 at 4:28am

Ohh, I thought as long as your property was clear to lease they had to accept them. But, could you comment on your thoughts about selling surface property but retaining rights, anything for me to worry about and lord knows, I've got worrying down pat.Thanks.

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 5:03am

I'd never buy property without mineral rights.  Period.  But I'm not a developer.  If I was buying land to build a new subdivision maybe I wouldn't care about mineral rights.

Permalink Reply by Winemaker on April 18, 2013 at 2:21pm

I disagree with you Marcus.  I was in the ALOV/BP deal and if your property was clear BP did not have the option of not paying you.  I am in the West Farmington area, that according to you is not in a desirable place, and I will not debate you on that.  My point is, I am in that area and I got paid.  You need to get a hold of the lease and see what is in it before you make you statements.

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 2:58pm

They defected title for old leases that were never active and held by companies that have long since ceased to be.  They defected leases due to mortgages, which is insane.  I know people who cured their title and still didn't get paid.  BP did not have to pay.  If they were "unsatisfied" (which was entirely subjective) they could simply forfeit the lease.  

Permalink Reply by Winemaker on April 18, 2013 at 3:26pm

I had to cure a problem with my lease due to and old company that has long since gone, I did it, and I got paid.  And I repeat, I am in that area that you say BP has no interest in.  Why did I get paid if they had that kind of discretion???  And the mortgage problem you talk about was not BP's decision, it was the banks that screwed the land owners.

 

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 3:52pm

BP could have ignored the banks--like literally every other operator until recently--and taken the leases if they wanted them.  Yes, the banks did roger a bunch of the landowners, no argument there.  I know two people with contiguous acreage in West Farmington that BP rejected because there was a 40+ year old lease that was never enforced.  I'm glad they paid you.  Many people were not so lucky.

Permalink Reply by Craig Stull on April 18, 2013 at 2:23pm

Marcus, BP has well over 100,000 acres LEASED in Trumbull county at this time. The ALOV group was all leased with the exception of 4200 acres.Dont know were you got LESS THAN HALF!! 

Permalink Reply by 0i7okn54zwbdo on April 18, 2013 at 2:56pm

I simply don't believe they only defected 4,200 acres.  And from the conversations I've had half sounds pretty close.

Permalink Reply by Winemaker on April 18, 2013 at 4:06pm

Believing and knowing the facts are two entirely different stories.  Marcus, thank you for posting your thoughts on this, because after reading your posts, I now feel a lot better about my position in the Utica play that I did before.

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