Chesapeak sold expired leases
Has anyone else noticed that Chesapeak sold most of their leasehold in ohio to Encino. Our Columbiana county records show this happened on 11/8/2018. I had a lease with Chesapeak but it expired on 10/09/2018 but my name is still included in the sale of leases to Encino. How can Chesapeak sell expired leases. I know there was a lot more people that signed leases at the same time I did so there are a whole lot of expired leases that got sold to Encino. I wouldn't think Encino would want to pay 2 billion dollars for a bunch of expired leases.
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Replies to This Discussion
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Permalink Reply by bo boboski on
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They may be expired; but were those leases released at the recorders office? Do they have the option to extend?
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Permalink Reply by Jim Pollock on
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I called Chesapeak and the guy agreed my lease is expired but my name is still included in the list of leases that were sold. The guy from chesapeak said he was going to issue an order to release my lease. There are a whole bunch of names listed with the sale of leases to Encino but I know a lot of these people signed the same lease I did and would also now have expired leases. But wouldn't you think Encino would be upset that they bought a bunch of expired leases?
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Permalink Reply by Magnetron12 on
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I believe 100 million of the purchase price is being escrowed to cover situations like yours.
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Permalink Reply by Gary L on
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Sounds like they have big plans on the horizon.
https://www.spglobal.com/platts/en/market-insights/latest-news/natu...
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Permalink Reply by Poison Ivy on
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Our lease with Chesapeake expired in april of 2018. I have called once a month to Chesapeake to get a release. At first they said they would forward my request. Nothing happened. Then Chesapeake said the reason it wasnt released is because I was supposed to put it in an email. Which I did. Now its almost December and we still dont have a release. I wasnt aware of the situation Jim Pollock mentioned. Thanks for bringing it to my attention. And thanks for the responses from everyone else.
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Permalink Reply by Dott on
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Jim
Its possible that when Encino signed the 1st papers to buy your lease was not yet expired and Chesapeake was selling Everything. I am sure Encino was aware of this and it was just part of the deal. Also Encino now has all the information on you in case they want to lease your property.
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Permalink Reply by Donald on
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has anyone with expired leases been able to get a release? I have tried with no success.
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Permalink Reply by Dott on
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Donald,
A Lawyer can probably help you with that if the O&G is not responding. Also call the State Office where the land and O&G titles are kept and present your problem to them. Maybe if you can show proof of your expired lease they will offer assistance or point you in the right direction.
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