Replies to This Discussion

Permalink Reply by tony blankenship on February 6, 2014 at 3:59pm

yea, does anyone know how much they are offering in belmont county in pease township?

Permalink Reply by Chrisco on February 7, 2014 at 11:14am

I am checking on Pease Twp.

Permalink Reply by shesrushmore on March 1, 2014 at 10:54pm

Tony
The price depends on location in Pease and also the royalty rate in which they are leased.

Permalink Reply by KAS on February 9, 2014 at 10:05am

HI

When 'selling' mineral rights - are you selling the rights to any minerals down there or just the royalty rights to the Uitca/Marcellus?    I ask because people sold coal rights a long time ago and now money is being made with oil and gas.  Many years from now something else may come along so it seems like you would want to limit it to the Utica and Marcellus rights.  Can you do this? 

Permalink Reply by Finnbear on February 9, 2014 at 10:48am

Yes. You can sell as little or as much as you want to. You own them now, you control the sale. Use an experienced property rights attorney who will draft a sales agreement you can live with.

Permalink Reply by Chrisco on February 10, 2014 at 6:30am

That is correct. You can tell us what your willing to sell and we take a look at it. If your lease has a depth severance and we buy against the lease, that is all we would have. If we buy gas & oil minerals, the price is higher.

Permalink Reply by adam sorell on February 11, 2014 at 5:38pm

 i heard about first O&G company to record the lease get the rights.

So if  I sign a lease with another company and they file a memorandum first,do they get the lease??

Can the first company sue me for not waiting the 120 days or whatever??

Reason is i got a better deal from another company and the company i signed with hasn't paid anyone at all and the time for payment has expired.

thanks

Permalink Reply by Finnbear on February 11, 2014 at 5:45pm

If the time for payment has expired, the lease you signed should now be null and void. Sign away, assuming you know for sure what you signed the first time.!

Permalink Reply by adam sorell on February 11, 2014 at 6:25pm

I didn't expire. But i read some where here the first company to record the lease gets the minerals.

Permalink Reply by Finnbear on February 12, 2014 at 2:34am

Ohio IS a first-filing state.

That being said, if Company#1 does intend to pay and you sign with Company#2 and they file before Company#1, you have probably committed fraud and should expect a big @$$ lawsuit from Company#1. They will likely win and then you could be stuck with a lifelong business partner that you tried to screw right out of the box. Does that seem like a good way to do business? It is certainly unethical.

Permalink Reply by Chrisco on February 13, 2014 at 4:36pm

Check the county website to see if your first lease is recorded. If not, tell the second company you would like to sign, but make sure you tell them you previously signed and have not received bonus money and that it is not yet recorded. First to record gets the lease.

Permalink Reply by adam sorell on February 13, 2014 at 7:18pm

Ethical?? The company hasn't paid anyone even now they are 30 days late. If they decide not to pay then what do i get??  Nothing and no one else is leasing because they are now the only player in the area. If they take the minerals by force then I get royalties but no bonus money.

I  am ethical. As ethical as the oil and gas companies are.

• ‹ Previous
• 1
• 2
• Next ›
• Page