AEU BACKS OUT OF PALOMA PARTNERS III DEAL.

I received a letter today telling me Paloma Partners III still owns my lease. I received a letter last year that I was sold to AEU as required by lease. I talked to senior landman today from Paloma and was told AEU backed out for lack of money. Paloma has plans on drilling in OH. I was told in their southeast holdings. Figures I'm their only holding in north. Maybe I'll be traded, who Knows. OH Jefferson Co

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Permalink Reply by Don C on March 3, 2015 at 12:55pm

Terry            

  Is your lease in the northern or southern Jefferson County, Ohio??  Aep goes pretty far south, didn't know what part your in.

Don

Permalink Reply by Terry giuliani on March 4, 2015 at 3:43am

Don,

Just south of Mingo Junction. I'm the Steubenville township and Cross Creek township line. My property is surrounded  by AEU leases. AEU just leased Indian Creek Schools couple hundred acres which is about a I/4 mile north of me. AEU's well that blew the valve open and had to have the crew from Texas fly in to close is 2 miles south of me.

Permalink Reply by Terry giuliani on March 4, 2015 at 8:17am

Looks like Aubrey McClendon has become a flipper.

Permalink Reply by Dexter Green on March 4, 2015 at 4:51pm

Aubrey was always a flipper.  That's how he made CHK so much money.

Permalink Reply by Terry giuliani on March 5, 2015 at 2:43am

Any ideas who may be interested in Eastern OH Utica? He just finished leasing the parcels in between the larger ones to put it all together. He said he made more money trading than he did drilling. Dry gas and no infrastructure we could sit for awhile.

Permalink Reply by Don C on March 9, 2015 at 3:32pm

Hilcorp was the last company purchasing leases in the southern Columbiana county.  This person joined with the Attorney Jerry Ward group.   Not sure if they are recently

Permalink Reply by Renee E. Dorsey on March 5, 2015 at 5:58am

Same here, Terry - I sure as heck hope Paloma is going to get drilling.   I am in Belmont, Mead township.    I "suspect" that with the volatility in the oil markets, with all this money that Aubrey went out and raised, that he is getting some very nervous investors.   They have put in BILLIONS and now the return may never come.   Maybe he is restructuring somehow - who knows.   I have seen some of their trucks down my way which surprised the heck out of me a few weeks ago.  

Permalink Reply by Terry giuliani on March 5, 2015 at 12:31pm

Renee

The Paloma land guy Supervisor sounded a little excited about the Belmont area for drilling.

Permalink Reply by Renee E. Dorsey on March 5, 2015 at 12:46pm

Good to know - I'll have to keep an eye on permits.    Several landowners near me signed with them; one has over 80 acres and room for a pad.   "Fingers crossed" - 

Permalink Reply by Jonathan H on March 9, 2015 at 7:21am

I'm in Eastern Belmont County - my old HBP lease ended last year; so far no one has shown interest in a new lease. I'm hoping that will change soon, but I don't know enough to get a timeline - the big operators around me is XTO.

Permalink Reply by Zack Lantz on March 9, 2015 at 8:11am

Looking forward to it!  We picked up a great lease with them last year in central Belmont County!

27 acres of open space, right next to interstate 70 / route 40. 

Heavy producers are all around us.

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