Does anyone have any info on Gulfport Energy and their utica interest in ohio

There is an article out today in the WSJ about Gulport Energy raising funds for their acquisitions in the uticale shale in ohio?

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Permalink Reply by Tom Copley on March 25, 2011 at 3:39pm
Permalink Reply by Tina B on June 8, 2011 at 7:59am
They are in there leasing. They have a bunch of leases in Harrison and Belmont County.
Permalink Reply by william on June 8, 2011 at 8:10am
They are leasing in Harrison county for sure. Seems like they are interested in property north of I-70. Wishguard and Tri-Star have been their front people.
0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on June 9, 2011 at 7:06am
They're using Fossil Creek to do their leasing and buying in Belmont.
Permalink Reply by Tina B on June 9, 2011 at 11:10am
Yeah, that's what I heard too.
Permalink Reply by Finnbear on June 10, 2011 at 10:10am

Fossil Creek has one lease filed with Belmont County. 84 acres in Goshen Twp. Filed 3/21/11.

 

Permalink Reply by Finnbear on June 9, 2011 at 5:23pm

I was told that Gulfport made Wishgard their official land agent for Belmont County around the end of May, whatever that means.

Who is Fossil Creek? This is the first I have heard of them and I have been actively watching the shale play in Belmont County since last September.

In Belmont County, Wishgard has been/is acting as a landman and is getting landowners to sign leases with Tri-Star Energy Holdings, Inc. of Ebensburg, PA .  Tri-Star in turn bundles groups of landowners and subsequently files a lease as Grantor with Wishgard LLC as Grantee and giving Wishgard a 1/2% Royalty interest in all the leases Wishgard brought them. Who exactly is Tri-Star Energy Holdings? So far, they have over 330 leases filed in Belmont county. I keep hearing about Gulfport Energy but they have only 2 leases filed in Belmont County, one for 275 acres and one for 403 acres which i assume they are putting together as one 640+ acre drilling unit. Is Tri-Star a division of Gulfport? Are they just another middleman who is going to flip the 300 some leases to Gulfport (or some other O&G)? I know they paid $2000/acre for the leases they do have, with the landowner getting $1840/acre and Wishgard getting $160/acre (8%). If Tri-Star is a second layer middleman between the landowner and Gulfport, the landowners who signed with them could do a lot better without two other entities getting a cut before the lease ends up with a producer.Since Wishgard got $160/acre bonus and 1/2% royalty, I wonder what Tri-Star's cut is?

I also found this article about Gulfport assigning Rhino Resources a partial interest in their Ohio Utica Shale lease holdings. looks like they did this to free up some cash either to drill or buy more leases. It links Wishgard, Tri-Star, and Gulfport but doesn't explain the exact nature of their relationships.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on June 22, 2011 at 4:41pm
Fossil Creek is contracted with Gulfport.  They take leases and make deals with other brokers or operators and keep the excess.  So if they are given say $2,500/acre to work with and sign people for $1,500/acre they keep the remaining $1,000/acre.  They are legit.  I can get you contact info if you want.
Permalink Reply by Finnbear on June 23, 2011 at 3:25pm

I don't really need their contact information. I just had not heard their name yet. What area are they seeking leases in? Wishgard is supposedly Gulfport's official leasing agent in Belmont county so we won't likely see Fossil Creek in our neighborhood. I really don't want to deal with any middlemen anyway and I am for now working with a landowner group that has around 20,000 acres and is dealing directly with a number of O&G companies. The cut the middlemen are taking should end up with the landowners in our group. I believe we will get a larger signing bonus, a larger royalty, and better lease terms than are being offered by these middle men. It has already happened with 3 large groups in SE Ohio and all indications are that our turn is coming soon.

Permalink Reply by BBD on June 23, 2011 at 7:59am
Fossil creek was in Belmont county.  The rep told me he was in Kirkwood, Flushing and Goshen township.  He was firm on $1500/acre and 15%.  I called him a while later after our first conversation and he said Fossil creek pulled him out of Belmont county due to all of the messy mineral rights in this county.  Cheasapeake has placed a bunch of brochures on doors and are signing leases there now.
Permalink Reply by michael j belaj on June 10, 2011 at 1:02am
Gulfport is contracted with Wishgard to take leases in eastern Ohio target formation is the Utica shale. Leases located north of 70 and east of 77 are paying more dollars than south of 70 and west of 77. Their are several Landmen working the area do your reserch read the lease it may be better to take a lower dollar amount and have a lease that protects you as a land owner. Their are alot of flippers working the area Wishgard looks to me to be the real deal. Thanks Michael J Belaj Cambridge Ohio 
Permalink Reply by michael j belaj on June 17, 2011 at 10:42pm
Wishgard is the real deal there lease is the best one on the market no storage no foreign pipe lines no wast water disposal and their is a pugh clause in the lease. I have seen alot of leases  I have been in this busines for 30 years, Read the lease think long term the Wishgard lease is worth a 1000.00 before any bonus is paid. Every one is thinking bonus money bonus money will pay off debit it will buy you some new toys the royalty money will make you and your children wealthy if a good well is drilled. A few years ago 25.00 per acre per year was a good lease payment, today 1500.00 to 2000.00 for a five year paid up lease is good money. People are not reading the lease the greed factor  has taken first place over common sence. If you are smart enouph to own a piece of ground be smart enouph to sign a good lease . Michael J Belaj Cambridge Ohio

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