I have signed a lease with Ascent Resources for my property in Ohio. The order of payment says 120 days to pay. Does anyone know if they pay early or if they will take the whole 120 days? Just trying to get a feel for what is typical payment history for them.
Probably be 120 days. and those are business day! don't count weekdays,or holidays.
Nope, business days
SD, what TWP in Belmont ? My neighbor recently leased with ascent and paid right at the 90 day mark , per his lease agreement...calendar days!
Ascent just contacted him again, this time regarding a small 3 acre parcel that I sold to his father years ago before i knew about retaining mineral rights. We are in shortcreek TWP, on the Harrison co -Belmont county border.
There are 4 different wells in the wheeling TWP , shortcreek TWP area that I believe we will be seeing new drilling permits for. Ascent will be turning the drill rig around and drilling 2 to 4 more horizontal wells from those existing wells.
Good news for our area! I was on the fence to sell 50% of my M.R.'s. Looks like I will watch and wait as activity is finally happening. Sumer depending on bonus amount, might save you some time asking your bank and ascent about helping expedite your check being cleared. My 1st bonus check once deposited was in limbo for over 2wks waiting to clear, 2nd bonus I made calls to both which reduced my wait time by over 1wk.
Jim, where is the Ruth pad? Or what's the name of the permitted well. I'm located approx 3/4mi from one of the cravat wells. There are really good dry gas #'s coming from the wells south of me, including truchan well. Cravat well has 4 southeast directed horizontals and rm to swing around with 4 additional northwest wells. I'm projecting/ hopeful that close to 10 acres of mine will be in that unit.
Can anyone confirm the buffer footage outside of a horizontal to be included in a unit? On odnr, platmapslooks like 550' outside of the lateral well. my attoney said he thought it was 400'. Not sure if there is a std linear footage or if it depends on driller or state. Anyways looks like I will have around 10 acres within the 400' "buffer"- for lack of correct terms.
Heard large area leased north of SR519 (shortcreek TWP) midway between Route 9 and SR 250. I'll be watching this closely, checking uslandrecords and new drilling permits, hoping this activity will incorporate my other acreage.
That's a depends question.
It is possible the company would pay "early". However, my guess is, that the company will take
the 120 days +/-. One reason - title work must be performed and from star to finish that may take
a few weeks. With the company aggressively taking leases there is a back log on the title work.
Just depends how soon after taking your lease that the title work can be performed.
Plus the other processes involved. No lease is set for payment until title work is done. That process
is done next.
These are general statements and situations vary from company to company and area to area.
Look at it this way, forget about it and one day you will open your mail box to a surprise.If you want to
mark your calendar 120 days out. BTW, those are 120 business days.
Summer run don't walk away from Ascent. THey started as Great River Energy then renamed to AEU .then to something else now its Ascent energy. Hundreds if not thousands of people signed up with these guy and they never paid and never removed the notice of memorandum. I am one of them, They would not pay me. they don't even have an office with a human. Call their number and you will get an answering machine. I signed with them and they were supposed to pay in 60 days. it was over a year before i took legal action. I got better over during that time from Rice Energy But could not sign because of those criminals. I had to have an attorney file a notice of forfeiture before they finally paid me over 14 months later. I have another lease with them on a small city property that was signed in 2013 they never paid and the notice of memorandum is still on there but not worth it to hire a lawyer since its a small city parcel. They even sold it to XTO without even paying me the promised bonus!!!! Good luck but i would recommend not to deal with this company. You can ask Al SMith in Bridgeport , he the person who had a land group with these guys and people got screwed. http://www.eougroup.com/aboutus.htm
They'll keep your lease without paying you as long as they can. They will only pay you after they find a company to flip it to for a huge profit.
here they are being sued for fucking many landowners . the name has changed but the same criminals at the helm. they change the name so its difficult to sue them.