Chesapeake renewing leases

I have a 5 year  lease with the option to renew for a another 3 years with Chesapeake due to expire on 10/9/2015. I just received a  card yesterday from the mail man stating that I have a certified letter from Chesapeake waiting at the post office. Any ideas what it may be about? Possibly a check to renew the lease?

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Permalink Reply by Brad on October 6, 2015 at 9:00am

Your post was helpful to me.  I am about 1/2 mile north of the county line in Mahoning(Goshen Township).  I  had resolved that Chesapeake would allow my lease to expire, until I read your post.  I leased on 11/7/10 to Trinity(leasing for Chesapeake) for 5 years, 3 year renewal @ $2,000/15%.  There was a mortgage on the lease to Deutshe Bank on 9/5/13.  Perhaps they will renew after all.  Thanks for posting information about your renewal.

Permalink Reply by Jim Pollock on October 6, 2015 at 9:22am
My lease was originally with Trinity also
Permalink Reply by Tony on October 5, 2015 at 11:16am

Congratulations Jim! I'm glad it worked out for you and I'm happy you posted.

My lease with Chesapeake expires 10/2016 and was kinda curious on how the renew thing worked

Obviously I hope they renew the lease (Belmont County/Flushing Township) given that oil prices are in the dumper and drilling has slowed. Even a pipeline proposal from Antero across my property has been put on hold although they did send me a check to renew the lease

If you don't mind me asking did they renew at the price you agreed on originally?

Permalink Reply by Jim Pollock on October 5, 2015 at 11:37am

Yes, same as the original bonus. I am actually kind of surprised that they did renew it. I would be really surprised if they drill around here within 3 years. It seems like a big waste of money on their part but heck I"ll take their money. My 2 bonuses were actually more than I paid for my place.

Permalink Reply by Joseph-Ohio on October 5, 2015 at 11:51am
Your last reply makes it sound to me like your lease may be one that they've mortgaged and for sale.

Or maybe they're waiting the politics and / or the market out ?

Of course we're really wondering about their lease renewals further north nearer our geography.

Any thoughts on it ?

Anyone ?
Permalink Reply by Jim Pollock on October 5, 2015 at 11:54am

My lease is definitely mortgaged. It shows up in the county records.

Permalink Reply by Joseph-Ohio on October 14, 2015 at 11:23am
Thanks again for more insight Jim.

If they own the lease they can sell it.

If there is no lease they don't have it to sell.

Picture's a little clearer thanks to you.

Still more ways than one to cut the BALONY however.

Just trying to stay alert out here.
Permalink Reply by Tony on October 5, 2015 at 12:23pm

I hear ya there!

I would be more than happy if they renewed mine at original price.

Right now at least, all is and has been quiet in my area. Seems to me any and/or all interest in this part of the woods has faded

I'm not very savvy about the oil and gas business though and I guess it could start back up again as quickly as it all came to a halt

Permalink Reply by Sonja on October 6, 2015 at 4:30am

Jim - Just curious..... Did you lease individually with them, or were you part of a large group that signed at the same time?  I am part of the ALOV lease, and will be expiring in April, so I have been hearing chatter from some neighbors as to what may happen with our large group that all leased at the same time...  Thanks for sharing your info!

Permalink Reply by Jim Pollock on October 6, 2015 at 10:56am

I was part of a large group although probably a much smaller group than the alov lease group.

Permalink Reply by Kathleen on October 5, 2015 at 11:49am
A few months ago the city of salem received over a million in the mail out of the blue. 3 months+ early. They were sure they would have to take a lower offer or nothing. They were shocked.
Permalink Reply by Joe Bezel on October 5, 2015 at 1:37pm

I just heard I'm getting renewed, too.  My lease is up on the 17th.  They called to confirm my tax id number. Green Twp, Harrison Co., Ohio. Kind of surprised they are paying the bonus, as there is a "continuation of activity" clause in my lease and they have been busy building a pad, conducting seismic testing, getting leases for water line ROWs, etc, over the last 6 months.  They are writing the check anyway.  Christmas came early!

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