ECLIPSE RESOURCES AMENDMENT TO CONTRACT EXTENSION

I HAVE BEEN CONTACTED BY ECLIPSE ABOUT AMMENDING MY CONTRACT ALONG WITH SEVERAL OTHERS IN MONROE COUNTY OHIO.  MY CONTRACT IS SIMILAR TO THE SEOLA CONTRACT DONE BY JENNIFER GARRISON.  THEY WANT TO PAY ME  IN ADVANCE $1,000 AN ACRE TO CHANGE MY CONTRACT TO 5 -0NE YEAR EXTENSIONS INSTEAD OF THE $5,000 AN ACRE FOR THE ONE TIME RENEWAL.  MY CONTRACT DOES NOT EXPIRE FOR ANOTHER18 MONTHS.  I UNDERSTAND WHY THEY WANT TO DO THIS, BUT THE AMMENDMENT IS SEVERAL PAGES LONG.  I LIKE THE CONTRACT THE WAY IT IS WRITTEN NOW AND I AM AFRAID THE WORDING CAN CHANGE OTHER PARTS OF MY CONTRACT.  I AM IN CONTACT WITH MY LAWYER TO DISCUSS THIS, BUT I WAS WONDERING WHAT OTHERS IN MONROE COUNTY SIGNED WITH ECLIPSE THINK OF THE WORDING OF THIS AMMENDMENT.

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Permalink Reply by jerry lee nichols on January 27, 2016 at 8:54am

Well, my mother put 150 ac of the family farms with SEOLA group which Eclipse leased 4 years ago. She has received no further info from Eclipse, I thought that they would drill on her before March of 2017 but they just started over by Billiters so I doubt it, I don't know what is going on. I did attend a meeting at Sardis grade school a week or so back but it was bullshit so we left after about an hour.

Permalink Reply by luke s on January 27, 2016 at 9:00am

I HEARD FROM OTHERS THAT THE MEETING WAS NOT VERY HELPFUL.  AS I STATED EARLIER MY LAND IS NOT IN THE WAYNE NATIONAL FOREST AREA.  THIS MAY BE  A PROBLEM FOR YOU SINCE ALOT OF THE LAND ECLIPSE HAS IS  IN THAT AREA

Permalink Reply by jerry lee nichols on January 27, 2016 at 3:07pm

No Luke the farms are on SR255,as a matter of fact they are about 2mi north of the Stalder pad as the crow flies, so there is no WNF land near.

Permalink Reply by stark70678 on January 27, 2016 at 3:12pm

I also got a call today from a land company telling me if I did not take the offer that eclipse had on the table, that by next week it could be cut in half. Why would a company that is trying to save money make that offer. Knowing that if were not to sign, they may get me for half price next week if I decided to do so...seems fishy to me

Permalink Reply by Fast on January 27, 2016 at 3:54pm
When they contacted me I didn't call them back. I let it go to voicemail. Not interested. Probably a contracted company trying to seal the deal to get their cut. If eclipse wants you bad enough let them contact you directly. I have no interest in signing. What is the benefit of signing now? There is only one way for this to play out... Boom or bust. Do you want to get drilled at pennies on the dollar? Prices are so low and with the no deduction (we take deductions anyways) ... Whats really in it for you? I'd rather wait it out until the prices come back up and if they want my land ... Well I guess you will pay me fair market value. There are NO free rides. Also eclipse laid off several of their landmen starting back last July. So they may have hired a company to Process the deals for them. I think back a few years ago Antero used Turner oil and gas company. Could be same sanario. They might be using a third party to get the deal done. Not taking 1k an arce when I got 5900 an acre a few years back & I was supposed to get more $$ for their second go at it. Again it's a personal decision and circumstance for each individual. Just know what you are getting into.
Permalink Reply by luke s on January 28, 2016 at 2:38am

YES, THEY ARE USING A SUBCONTRACTOR.  I BELIEVE THE NAME IS HOLLAND.  I HAVE HAD CONTACT IN PERSON, BY PHONE MORE THAN ONCE, AND BY MAIL.  THEY HAVE BEEN PLANNING A WELL IN MY AREA FOR MORE THAN 2 YEARS.  OFCOURSE IT IS ON HOLD BECAUSE THE DRILLER IS MAGNUM HUNTER AND WE ALL KNOW WHAT IS HAPPENING WITH THEM.  FUN FACT, JUST THIS WEEK MAGNUM HUNTER CONTACTED A FRIEND OF MINE ABOUT SECURING A PIPELINE FOR THIS WELL.  THEY SAID IT IS STILL IN THE WORKS.  I THINK THEIR PIPELINE DIVISION IS SEPARATE THAN THE DRILLING CO. AND ARE NOT GOING THRU THE BANKRUPCY.

Permalink Reply by Buckets on January 28, 2016 at 9:23am

Probably trying to give the landowner a chance to sign while they can before offers are lowered.  Better that then to just pop in next week and blindside someone.

Permalink Reply by jerry lee nichols on January 28, 2016 at 10:11am

 Except that the 2017 lease amount is already set,they can honor it or give it up, it is their choice or that of their successor.

Permalink Reply by luke s on January 29, 2016 at 2:45am

do they really think if someone is able and willing to turn down the first offer they are going to be greeted with open arms for a lower offer?  sometimes it's not the money that matters, but the company actually standing by their word.

Permalink Reply by searcherone on February 1, 2016 at 4:24pm

From a very good grape on the vine,  Edgemarc has purchased some Eclipse leases in Benton Township, Monroe County.   Those people will not have to decide if they should sign an amendment with Eclipse. . .lucky landowners.    

Permalink Reply by Olive Sue on February 2, 2016 at 3:30am

I think lucky they may be!!

Permalink Reply by searcherone on February 2, 2016 at 5:12am

Just sayin' Eclipse stock is trading right at one dollar today.

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