Was looking today at the core Utica Oil window in Guernsey County and was shocked to see leases being released by Eclipse and Ascent in Londonderry Oxford Wills Madison townships. I would think they would keep these parcels tied up but looks like not. Wonder if we are looking at a real cool down in drilling as the oil window is the best place to be since the asian LNG bust where prices have dropped through the floor for LNG

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leases are being extended central guernsey co. Center twp. Wills twp. Madison. bigger % of oil in them wells.

It appears Gulfport is doing the same thing in Monroe County...

Not too many signed by Gulfport
3 leases this year in Monroe

To me - it’s a matter of $$

If a lease term is up...they either need to  begin production before end of term, re-up at the same bonus to re-extend the term another round or re/sign at better terms - walk away.

Many of these leases being let go were signed in 2014-2015 (pinnacle of the market) so unless you can find money to drill it, your bonus payment would be $$$$. Offering better terms knowing some landowners will refuse worked for Eclipse a while from 2016-2017, but eventually they had to admit they had too much land and no hope of drilling all of it within 5 years. 

Selling to someone else...again, just too much land not enough rigs and why buy short term when you can pick the best for pennies unsigned? 

There is still production- and will be for 10+ years...it’s just a matter of cost. Land that was bought and being dumped now is cheap...an operator like Ascent can make $$ still at $2. When the operators need supply - they will have plenty of willing landowners signing on...just like the did in early 2000s with offers of $5-100 an acre and 12.5% leases. Just takes a few years to really reset expectations. 

Sounds about right with all the operators in the play teetering on Bankruptcy or becoming penny stocks
Sooner or later the well runs dry

Sub standard intellect  in charge...

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