Chesapeake Lease renewal offers , Lycoming county

So my neighbors  just got lease renewal letters from Chesapeake last week.

Their lease isn't up for about a year.

 

The letter offered $250/acre to renew the lease for an additional 2 years.

They gave them 30 days to sign

 

Quite a bit less than the $1500 that originally they signed up for 4 years ago.

 

They  are located in lycoming county,Pa 

They were pretty surprised and disappointed with the offer.

Just wanted to get the news out to our fellow residents.

 

Not sure if this is standard operating procedure for Chesapeake or not.

 

They said they won't sign.

 

Any body have other lease offers recently??

Any comments are appreciated.

 

 

 

 

 

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Replies to This Discussion

Permalink Reply by Clinton44 on March 11, 2012 at 3:52pm

What township in Lycoming?

Permalink Reply by Chris Downey on March 12, 2012 at 12:37am

mill creek twp

Permalink Reply by Clinton44 on March 12, 2012 at 1:32am

Only saw one permit filed in Mill Creek Twp. in December of 2011a storm water permit for a well pad driller was listed as Atlas,havent seen any dilling permits come through yet for that pad. Name on the pad was Perry.  Doesn't look like there is much action in Mill Creek Twp. I guess they could try to hold out for a better price if Chesapeake doesn't go for it and lets the lease expire maybe someone else will come along and pick it up???

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