Activity in the County (Leases, infrastrature, drilling)

Just was curious to hear of any activity going on in Venango county.  Anything from talks of leasing, to actually signing on the line of a lease. 

What have the offers been for potential leases?  Any good addendums you were able to negotiate?

Has anyone heard how the completion went for the Seneca Resources well?

Hopefully 2012 will hold a lot more activity for this industry founding area.

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Replies to This Discussion

Permalink Reply by matthew h mcsparren on February 12, 2012 at 6:15am

When we signed our lease it was a non-issue. Our lease did have the indemnify clause. Best of luck.  

Permalink Reply by randall gottus on February 12, 2012 at 11:20am

matthew...the indemnify clause will be in the lease, but does that also cover people who are NOT with the gas company. And also, I thought that kicks in only when the company starts some kind of activity such as drilling, installing pipes, production, etc. on the property.

Permalink Reply by matthew h mcsparren on February 12, 2012 at 12:50pm

Randall I did ask that question, it does cover other people besides contractors working on the property. However our homeowners could be different than most as it falls under our Agi-Business policy. 

Permalink Reply by Joan Hayen on February 15, 2012 at 3:50pm

Jim

I live out of state and could not attend the Quality Inn meeting.  Please fill me in.

Permalink Reply by matthew h mcsparren on February 16, 2012 at 1:55am

Any word on how the meeting went?

Permalink Reply by Joan Hayen on February 13, 2012 at 5:35pm

To Jim Litwinowicz

I own 71 acres with one old well on it still provides royalties (not much)  My mother signed the lease and I inherited it.  Any way to get out of it???  I could fax or email it to you.   I live in Florida and will not be able to attend the meeting at Quality Inn.  Please copy any information papers for me. 

Permalink Reply by Jim Litwinowicz on February 14, 2012 at 4:24am

Getting out of a lease is near impossible as long as they are paying any royalty at all. Your best bet is to read it over carefully and look for some kind of depth limit or a limit to a specific strata like the Clinton or Medina.

Also see what size the units are limited to, if any restrictions. You may have a chance to get some addendum added when they asked for a pooling agreement....but that could be years away.

Permalink Reply by Billy Park Whyde on February 14, 2012 at 5:17am

You might want to see if there was a no reassignment clause in the lease, if the original lease was reassigned  it might be possible to void the lease. 

Permalink Reply by Jim Litwinowicz on February 14, 2012 at 5:50am

Billy; good point I have friends that found that clause and are now trying to get out of the lease.  Also, see if the well was out of production for a couple of years. Courts have ruled that will also terminate a lease.  Do that by going to the DEP website a looking up the well log reports.

Permalink Reply by Billy Park Whyde on February 14, 2012 at 6:17am

Jim keep me posted on that please.

Permalink Reply by Brian on March 18, 2012 at 1:04am
Seems as though Chevron has a small foothold in southern part of the county and trying to gain more. Is there anyone actively leasing that actually has a plan to drill and produce wells? Chevron does not have good lease terms from what I saw. Does anyone have something better?

Has any of the Shell signers received money in the county?

People are seeing leases bonus money amounts and jumping on the bandwagon. Wish more people could hold out for a little longer for better terms.
Permalink Reply by Billy Park Whyde on March 18, 2012 at 4:34am

Amen to that !

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