Unlikely. Poor results when oil was >$100 means no plans to further explore at current prices. Just a hunch. CHK is in cash conservation mode right now.
That is what I was thinking but my acreage backs up to a rail line and I would think this might be a benefit to being renewed for future access. Might have to call Chesapeake and see what they say.
American Energy Utica had 2 pickups parked on 250 Harrisville( Packers Fruit Market) . Came back from bank and 3 guys were standing in middle of spraggs farm now Jones farm. If I do believe this farm signed with Mason Dixon then went to Hess then flopped to AEU. My property borders this when OKKI Energy was trying to buy mineral rights. My .02 means nothing but I believe a well will be put here or a pad to HBP. AEU is going crazy with property in this neck of woods.. Jimmy
Are the terms and fees paid for lease renewals typically the same as the initial lease?
yes..........typically the money is the same.........sometimes the length is shorter........it will be spelled out in the lease.
Everflo still operates all the wells. CHK just owns the deep rights on the leases.
All Chesapeake Operated wells in Ohio permitted in 2015 so far.
My Chesapeake leases in West Virginia was sold to Southwest energy from Texas. My lease was do in April.
Southern Mahoning.....1/2 mile from Columbiana/Mahoning county line, Goshen Township. Leased w/ Chesapeake as a localized land group (approx. 1,500 acres) on 11-7-10. The lease had a 5 year primary w/ a 3 year extension option. Our lease was negotiated at the very beginning of the leasing wave in this area, so we were only able to negotiate 2K bonus, 15% royalty. We have not received an extension/renewal payment thus far, but I have a suspicion that our lease will be extended. I say this only because we are potentially in a economically feasible/productive area and our lease was more favorable to the lessee than others who leased shortly thereafter. I could be dead wrong.....the next couple months will be interesting.
Brad, any word on renewal in that area? Does the 3 year extension pay the group another 2K per acre?