Replies to This Discussion

Permalink Reply by Philip Thackray on December 2, 2013 at 6:46pm

FMV,

That is a standard package.  XTO sends you one if you are within 2500 feet of the well pad.  I don’t know what Rex’s “within” distance is.

They put the Burket laterals on top of the Marcellus laterals like at the Baillie Trust.  According to the recent Range report the Ferree wells should be in or near the best GIP Burket.

I wonder how wet/dry this gas will be?

Regards,

Phil

Permalink Reply by Philip Thackray on February 15, 2014 at 8:57am

FMV,

I'm trying to print out a couple of the Ferree plats but when I open them they don't seem to be in standard JPG format.  If I right click and select print I just get a blown up portion of the upper left hand corner.

Hope you can help.

Phil

Permalink Reply by Philip Thackray on February 15, 2014 at 12:56pm

FMV,

I figured it out.  So....... Nevermind!

Phil

Permalink Reply by Adams Landowner1 on December 3, 2013 at 10:24pm

I see people are looking for info and rumors.  Here's some info on what's happening at the boarder of Middlesex and Adams. I know I am not the only one in my area getting this kind of lease offer.  

Huntley & Huntley.  10 years.  Surface to 650ft above Tully Limestone- 12.5%  Everything underneath 16%(net).  $2200 per acre.    

Permalink Reply by FairMktValue on December 4, 2013 at 5:39pm

AL1,

Rather strange offer - I have not heard one like that yet.

Strange splitting the royalty like that. 

10 yrs $2200 - don't sound real good to me.

Permalink Reply by Philip Thackray on December 4, 2013 at 6:36pm

Adams L,

What do you mean by (net)?

Phil

Permalink Reply by LewPa on December 5, 2013 at 11:46am

FMV,

Typical of Rex to make it sound like big plans, Stebbins well on Meridian Rd, two wells permited one well drilled, Lynn well on Meridian Rd going into Meridian, five wells permited only two wells drilled. Talked to land man at Rex's office in State College, that actually wanted to talk big picture, says Rex is trying to tie up the most amount of property with the least amount of wells. My take after the conversation, Rex doesn't have the capital to expand their drilling in each unit and are trying to make themselves more attractive for a potential buyer down the road. Also said that drilling into the Utica in our area is not feasible now due to depth of it  and the price of gas You were talking about the storage site along Rte 8 by Trader Horn, they have been in there all year, just more equipment sitting now, probably because of the start of bad weather and the holidays. Little tidbit in the Butler Eagle on Monday 12/2/13, real estate transactions for Middlesex Twp: William Gleason to Markwest Liberty Bluestone LLC at Route 8 and Old Route 8 for $315,000.

LewPa

Permalink Reply by FairMktValue on December 5, 2013 at 4:54pm

Lew,

The Gleason/Markwest transactions is interesting. That Parcel sits astride an old ATT long lines ROW - that I believe is now abandoned.   Works out to a bit over $ 100,000/ac  Hmmmm.......

You are correct that Rex is attempting to HBP as much acreage as they can at this point. They have said this in their Corporate presentations and earning calls. The plan is to hold as much as possible in the next 2-3 years and then go back and drill out the rest at a lower unit cost. Lets just say they initially drill 2 wells on the Ferree pad. I expect 1 north and 1 south ( will hold a lot of leases).  2 years they come back and while the rig is on site drill out the other 4, frack the other 4 at the same time also.

Meantime the pipeline is in place to get this gas to market. 

There is no need to drill the Utica right now as you point out depth ect. Does not matter to them at this point it will be held by the shallower drilling. If my memory is correct they have said in one of the earnings calls that less  than 2%  of their leases have any type of Pugh Clause.

All in all it seems to me that REX is proceeding in a logical manner - not getting so far ahead of themselves like CHK that they cannot possibly hold all their leases.

Buyout target - well.... I sorta think one or more of the big boys is watching closely and when the time is ripe will make them an offer they cannot refuse.

Cheers

Permalink Reply by RB on December 5, 2013 at 8:22pm

I was told we will be part of drilling scheduled 1st half next year; likely 2nd qtr. Another is planned 1st qtr. Signed 3k/acre' 17% net. Also told that cost of doing business deduction will be around 2%. Overbrook rt8 area.

Permalink Reply by LewPa on December 6, 2013 at 8:35am

RB

If I may ask, who did you sign with and how long ago? Thanks

Permalink Reply by RB on December 6, 2013 at 9:50am

Sure, forgot that part.  REX. recently, within last 6 months

Permalink Reply by Denise Rightmyer on December 6, 2013 at 12:55pm

Is that surface or non surface?   Rex just came in 2 months ago and offered me a surface for a third of that.   Lets just say I did not jump on that.  I am about 3 miles from the rt 8/Overbrook Area.   We are working on terms, it is my turn to counter.   They want auto renewal and I will have nothing to do with that along with some other issues.  Most I will give up but some I will not.   

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