ASCENT LEASE EXTENTIONS

I received a letter about a month ago from Ascent Resources  saying they would like to extend my lease but wanted to go over some amendments and I haven't heard anything from them since.  Has anyone else heard from Ascent regarding lease extensions?

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Permalink Reply by nc man on July 17, 2016 at 2:54am

Hi Lance!

We have 79.23 acres. It is split between myself and my two brothers.

My Dad, years ago, bought the land and eventually sold the property but very wisely kept the mineral rights.

Our minerals are suposididly in the sweet spot, like others.

Collen Wheatley, of the Recorder's office, told us that the day we signed the lease.

Hopefully, Ascent will either pay us for the sweet spot location or will release us and we will go from there. 

Am wondering if we go hunting for a taker, (another o/g company), or will another company realize our minerals are up for grabs, again?

Do you know how that works, when you are not re-leased with the current lessee, in our case, Ascent?

Rather Ascent just re-sign us with the exact lease we have. LOL!

We aren't going to accept the $500 an acre deal, they want us to sign.

Each time Halo's rep calls, my brother tells him no, but you can be sure he will call, and has,several times a month, since Feb. '16.

It makes you think they don't want to lose us but won't cough up the $ to keep it.

nc man

Permalink Reply by earl miller on July 17, 2016 at 10:56am

nc man I was lease with Gulfport for 5 years they let me go two day after I got my release papers ascent call me. they want give me the same 500 a ac over 5 years . what did you get first time you lease

Permalink Reply by lance on July 17, 2016 at 12:12pm

When our land owners group signed with Shell 5 years ago we got 5000.00 an acre and 20% royalties and the agreement was very land owner friendly. The market is beginning to recover and they know this. They are fishing for gullible hard up people who don't know the value of their minerals. If they won't honor the original lease then we all need to ask for our releases and get a group back together and market it out again to the highest bidder. No one in my group has signed this very insulting offer, as of yet, I haven't heard of any but the Halo guy told me a few people have. 

Permalink Reply by Albert Russell on July 17, 2016 at 11:38am

Earl,

Where is your land located?

Permalink Reply by earl miller on July 17, 2016 at 11:57am

Harrison county  morefield twp

Permalink Reply by nc man on July 18, 2016 at 2:08am

Earl,

In answer to your question-------

Our lease with Shell, then sold to Ascent, was for $5,000 an acre and 20% royalties.

Every time Halo rep calls, which is often, we just keep rejecting the ridiculous offer from them and politely say----- no thank you.

Our lease runs out on Oct. 24th of this year.

STRENGTH IS IN NUMBERS!!!

nc man

Permalink Reply by lance on July 18, 2016 at 10:51am

nc man, you signed the same day as me..... :)

Permalink Reply by nc man on July 19, 2016 at 1:11am

  Lance,

Here's hoping we will "sign" the same day, again, five years later!

Same  day, terms, $$, same everything! :)

Permalink Reply by Emily on September 10, 2016 at 6:12am
Ours is up Oct 22.. Also turned down the renewal offers
Permalink Reply by bo boboski on July 17, 2016 at 10:11pm

Lance, I;m believing that "they" are believing that they will be re-newing most leases as is, but if they can get a few to sign on the cheesy offer ,then that will be some savings for them. The O&G co.s are sharpening the pencils, trying to reduce as much cost as possible, and every little bit means something to them nowadays. That offer ,along with greatly reduced royalties, you would be better just saying NO. wait em out,hopefully get the lease re-newed, or if released,then someday those minerals will be more valuable to somebody.

Permalink Reply by lance on July 18, 2016 at 1:36am

Thanks for the insight Bo.... The Halo guy was suppose to send me an e-mail with the new proposals in writing but I have yet to hear from him. Was also gonna get with me here at my house and explain the "advantages" of the "new deal".... Maybe he'll call this week but I told him my group has been in contact with a oil and gas attorney and he advised not to sign.... We'll see... 

Permalink Reply by Wes Betts on July 19, 2016 at 5:48am
Ascent has two well pads in Londonderry township that are completed and ready for rigs to start drilling. If you find yourself in either of these units you may not need an extension. Heard they might drill them before October.

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