I HAVE BEEN CONTACTED BY ECLIPSE ABOUT AMMENDING MY CONTRACT ALONG WITH SEVERAL OTHERS IN MONROE COUNTY OHIO. MY CONTRACT IS SIMILAR TO THE SEOLA CONTRACT DONE BY JENNIFER GARRISON. THEY WANT TO PAY ME IN ADVANCE $1,000 AN ACRE TO CHANGE MY CONTRACT TO 5 -0NE YEAR EXTENSIONS INSTEAD OF THE $5,000 AN ACRE FOR THE ONE TIME RENEWAL. MY CONTRACT DOES NOT EXPIRE FOR ANOTHER18 MONTHS. I UNDERSTAND WHY THEY WANT TO DO THIS, BUT THE AMMENDMENT IS SEVERAL PAGES LONG. I LIKE THE CONTRACT THE WAY IT IS WRITTEN NOW AND I AM AFRAID THE WORDING CAN CHANGE OTHER PARTS OF MY CONTRACT. I AM IN CONTACT WITH MY LAWYER TO DISCUSS THIS, BUT I WAS WONDERING WHAT OTHERS IN MONROE COUNTY SIGNED WITH ECLIPSE THINK OF THE WORDING OF THIS AMMENDMENT.
Tags:
Hi Matt, have you heard anything at all about ASCENT Resources (Aubrey M.) doing anything similar to ECLIPSE? I have a lease with them do to expire in October. I haven't hard anything from them as of yet. I heard he may be running out of money too. I look for him to try to sell out if that's the case.
Not Matt, but I seen a statement on this site from a guy who goes by,"nc man",who claims he got a letter from Ascent's land Co. that was offering him a 1 YEAR lease extension. Aubrey got his lease from Shell. It expires later this year.
In my first contact with the landwoman I point blank asked what would happen to the lease if Eclipse went to Chapter 11, well she didn't know.
Yes, having the language of the original lease would be good because there are great clauses in mine.
Just remember that they are logging every time they speak with you or attempt to make contact with you and recording your response. You should be doing the same.
Barry, in a Ch. 11 or Bankruptcy could the leases be tolled until the proceeding ended or they were bought by another company? If so its possible your one year extension could extend several years.
DID THEY MAKE THE SAME OFFER TO YOU, AND IF THEY DID WHAT DO YOU THINK OF THE AMMENDENT. I WOULD POST IT, BUT I DO NOT HAVE A COPY AT WORK. ANYONE OUT THERE HAVE A COPY TO POST
Yes, please post a copy of the amendment. I would like to read the exact wording.
searcherone,
I am not sure, but I believe bankruptcy trustees have a great deal of latitude. That's one of the questions I would want to have answered.
Yes, the land people log contacts, glad you pointed that out. So it is critical that landowners who are contacted start and keep their own log of dates and times plus the content of the contact - what was said by them etc.
The other selling point to those with large acreage which is not me is it will save them on taxes if they are paid yearly.
I am wondering if it is two separate amendments, one for the SEOLA group and one for others, because the SEOLA lease is very lengthy.
And what do I think of it: why does a company want to spend money way before the lease expires when their cash flow is poor. I told the landwoman I did not want the income in 2016 and she was willing to try to have the payment done in 2015.
and Eclipse has spent lots of time, money and energy regarding the drilling in Wayne National Forest.
at this point I am on hold. . .I haven't said no or yes
Think about this, if I were the company selling and could say to a potential buyer, instead of 18 months on an existing lease I have secured an additional 5 years for a total of 6 1/2 years for you to drill and you only need pay on an annual basis. In my thinking that sounds like a much more saleable deal.
I do have a point to make, if you are part of the SEOLA or Eastern Monroe group there may be in your clause "Force Majeure" a limitation of 24 months, however that tried in the courts could turn out to be anything.
Searcherone ,we do continue the soap opera...........
MY LEASE IS BASED OFF THE SEOLA LEASE, BUT I DID NOT SIGN WITH JENNIFER GARRISON. IN A ONE ONE MEETING WITH HER SHE WAS LESS THAN TRUTHFUL WITH ME SO I DECIDED TO SIGN SEPARATELY USING THEIR LEASE AS A TEMPLATE. WHAT IN THE LEASE COULD POSSIBLY CHANGE AS YOU SAY IF YOU DO NOT MIND ME ASKING? ALSO, NOT TO PRY TOO MUCH, BUT WHAT IS YOUR REASONING FOR NOT SIGNING THE AMMENDENT? MY WORRY IS THAT THEY DO NOT PICK UP MY LEASE AS THEY ARE THREATENING TO DO TO SOME LANDOWNERS, AND EITHER THEM OR ANOTHER COMPANY COMES BACK TO SIGN ME AT LESSER TERMS THAN I HAVE NOW.
HERE IS THE COPY OF THE AMENDENT
© 2024 Created by Keith Mauck (Site Publisher).
Powered by
h2 | h2 | h2 |
---|---|---|
AboutWhat makes this site so great? Well, I think it's the fact that, quite frankly, we all have a lot at stake in this thing they call shale. But beyond that, this site is made up of individuals who have worked hard for that little yard we call home. Or, that farm on which blood, sweat and tears have fallen. [ Read More ] |
Links |
Copyright © 2017 GoMarcellusShale.com