Three wells sold in the land of "goat pasture". Halcon now owns the Buckeye in Hartford, and Two others that sold belong to ?? Only sure of the Buckeye as I drove by there today. Lennington and Zerovitch perhaps? Anyone know for sure and who now owns them? Quite interesting considering all the negativity there has been about the north for a long time. Snort - care to add some input? Anyone?
Anybody able to see / peruse that 'Letter Agreement' ?
No, I see nothing referencing a Letter Agreement on the Trumbull Co. Recorder's site. It's probably similar to recording a memorandum. However, it looks like from an SEC filing dated Sept. 30, 2014 that Halcon may have increased its borrowing ability--but it doesn't say why.
Only reference I saw was within the 'BillofSale.PDF' MJ attached to his reply.
There was a notation within the 'Bill of Sale' that stated (I'm using my words / paraphrasing here to my understanding of the meaning) that if the 'Letter Agreement' contradicts the 'Bill of Sale' that the 'Letter Agreement' would prevail.
I take that to be the reason why the 'Letter Agreement' was written / exists.
This of course, could render the 'Bill of Sale' without meaning as to any of its terms and conditions (including sale price, retained interest, etc., etc. and so on).
The real terms of the sale / assignment remain private to only those who can access the 'Letter Agreement' as far as I can tell.
And so far that doesn't include any of us.
Ok - I guess I will answer my own question at this point. Yes, MJ - the Lennington is now owned by Enervest.
How about sharing a bit more Craig Stull. You seem to know a bit more here and there. Is there anyone in Trumbull left on this site that can speak clearly and soundly(acknowledging Sage here) about what is known and/or suspected about future development in Trumbull, Ashtabula?
There's a lot we don't know about what was bought.
All I've read about so far were the sale of a number of wells.
Wonder if they bought other assets, such as other leases, etc.
Wonder if BP maintains interest in the things that were sold.
The 'Letter Agreement' (which as I read over rules the 'Bill of Sale')would probably answer all of that (and more) but, don't think we'll ever have a chance to see it.
MJ, I've been out of the loop for a bit. Enervest bought the Lennington well in Johnston? That's interesting. I t seems like something has to be motivating two separate companies to purchase supposedly terrible wells. I wonder if it is coincidence that Enervest is also working on Butane fracking. At one of the ALOV meetings a speaker mentioned that paraffin would be present, and a by product of drilling in our area. I bet a water/paraffin mix isn't silky smooth. I might run outside and throw a paraffin candle into a bucket of water and see how it reacts. I'm guessing the water will evaporate and leave the candle unchanged. That same candle might turn to liquid in a solvent such as butane. Gets a person to thinking. These companies can't be buying supposedly useless BP wells just for the fun of it. The existing wells at the very least had to prove what the geology is like in their units. Multiple wells can be drilled from the same pad. Maybe new wells and laterals with the new technology will be drilled into (now) known and scrutinized geology. If that geology was bad, (and now they know for sure what it is like), it would make no sense to keep nosing around this area.
THEY USE SOLVENT NOW IN WELLS TO CLEAN OUT PARAFINE, BUT BUTANE WOULD TURN TO GAS AND NOT HURT THE SELLING OF GAS.
I CAN TELL YOU THEY USED TO USE NITROGEN TO CLEAN A WELL OUT AFTER FRACKING BUT WE ONLY USED MAYBE 30,000 GALLON OF WATER. THEY ARE USING BUTANE AS A PROPELANT I BET TO CLEAN OUT THE WELL AFTER FRACKING. 10,000 FEET OF WATER IS HEAVY.