Eclipse’s exit plan
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Permalink Reply by David Allen Lilly on
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I think Old Timer's response is very insightful as it pertains to "leasing tactics". As I requested in my first response to your thread if it appears that there has been drilling all around you I would be sure to get together and form a group with those of you contiguous that appear likely to get in an eventual unit.
Especially if you are a smaller property you would want to get in the shade thrown by your larger neighbors I would think.
Things in this business move so strangely I would try to stay upbeat, things change so very quickly and often for the better. I hope this is once again the case for you. There was a time when I thought that due to all my neighbors having signed with Oxford Oil my 30 acres would never get drilled because Oxford didn't drill deep stuff and they were worse to deal with than any of the other companies around here. Then Antero came into the picture and was said to have a deal to buy out Oxford so they could drill our area, only to have that deal fall through. I am not sure Eclipse was an existing company at some of those points in time. Meanwhile I knew people who were told to sign early so they could get drilled first and get first crack at the royalty money, many did, at a very low land bonus amount and some are not drilled to this day.
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Permalink Reply by David Allen Lilly on
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Might not be much you can say. I had a similar situation with them but they slid right under the date for my lease to be renewed and got us HBP. There have been numerous instances where I have had companies negotiate things with me, water rights and temporary ROW's but these plans were back up plans in case the main thing they wanted fell through, which is fine but they didn't tell me that up front or I would have handled it a little differently.
The timing in your comment makes me think you did pretty well with your first land bonus money, which is better than some did for themselves.
Still, the bonus money I lost, and yours that is lost, was a timing issue that fell barely to their benefit and I don't hold a grudge against them for not paying me if they didn't need to even though the money would have been great to have.
I feel for you, I wonder if you are now thinking you wont get drilled because you were not re-leased ?
I wonder where your property is and how much land you have ? Some areas are I feel certain to get drilled sooner or later, and I believe that overall the later drilled units will pay better due to the upward pricing levels of oil and gas.
Many were envious as we had a portion of our acreage drilled during the time when the drillers were leaving our area in eastern Guernsey county, but I would much rather have been drilled this year instead because royalties on oil at $28 a barrel were not nearly as valuable as royalties on $70 per barrel oil.
I wish you the best of luck going forward.
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Permalink Reply by Walt on
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I have 7 1/4 acres on Laughman Road 17700 just down the road from the Guernsey County Fairgrounds the name of the road Laughman is named after long time property owner in the area who lives right at the corner of my street which is about 600 feet from my property line I feel eclipse is screwed me and they knew they were going to actually nine months ago and apparently screwed a whole bunch of people in the process , I was trying to be four sided about this and figuring well they can use the money for drilling which will eventually benefit me but instead I should’ve took the whole lump in the beginning I am not done with this there’s still a lot more complaining to do
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Permalink Reply by Walt on
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All the drilling company use this kind of scam need to be railed by lawyers and whoever else can put the hurt on them for trying to scam the average workingman. I am truly Speechless for getting screwed like this by American company, I expected much more integrity and respect
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Permalink Reply by Walt on
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And to top it off for the past five years this area I am in is deemed to be awesome hotspot for everything I am totally at a loss so what is what
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Permalink Reply by Tom on
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Walt this is the way they all have been doing, it had nothing to do with more money for drilling it has to do with paying as little out as possible, why lease for 5 years if you can get it leased for 1 year at a time, even if they knew they were going to drill, 6 years ago Some started leasing for 3 years and or 5 years options payable annually so at any given year they can not renew, I dont see it as a Rip off, eventually they or some other company may come back to lease again, just remember this, I am also hearing that eclipse may be having financial issues.
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Permalink Reply by Blueflame_02 on
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Eclipse Resources doesn't exist without EnCap. EnCap is an investment fund, meant to make money by either 1) flipping projects for a profit or 2) creating profit through acquisitions.
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Permalink Reply by Blueflame_02 on
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Right. If a company can make more money by consolidating then they will continue to consolidate. We see it more and more each and every day. You either buy someone in your backyard or you buy something in another basin. EnCap is in the business of making money and apparently Eclipse wasn't impressing their financial backer.
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Permalink Reply by william Allen. Ladd on
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Euthanized HUH? Tankers and other trucks can be heard moving up Broughton hollow, often at night. Doubt they all belong to JP farms however. Other gas company pickup trucks from other companies are often observed and heard from out house. Living back with a great many trees between house and road makes it hard to identify what trucks they are.
Granddad Ladd
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