Eclipse shallow drilling to extend leases

I have read several posts where folks have been "negotiating" extensions with Eclipse where old leases are fixing to expire over the next 4 to 6 months. Eclipse is stating they will drill a shallow well to hold lease if property owner does not agree to the extension terms (which are terrible). has anyone taken them to the end and actually have them drill a well?

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Permalink Reply by Tom on December 17, 2013 at 11:52am

I don't want to give a lot of the particulars out on the open internet, but I have an Oxford/Eclipse lease set to expire in February and I was just offered 6K/acre paid up front for 5 years and 18% gross by Eclipse to sign off on the amendment.  There were some other language terms in there as well.  I don't want to go into them too much because I am going to have my lawyer look everything over before I make up my mind if I want to sign it or not.

Permalink Reply by Gusher on December 17, 2013 at 12:58pm
Thanks Tom
Permalink Reply by The Hiker on December 17, 2013 at 3:25pm

Tom:   Excellent news about your offer!   Eclipse continues to play hardball with my neighbors in Noble County and still hasn't given them decent offers.   Both have old Oxford leases and HBP but the original lease limits Eclipse to 160 acres, so they are forced to add an addendum to open things up.   Antero gave the Beck/XTO folks $3k/acre for an addendum which cured a similar problem, so this represents a minimum offer for what the landowner is signing away in my book.   $6k would be more like it and a rise from 12.5 to 18% would be a nice helping of gravy.   Congratulations.   I hope Eclipse accepts the fact that the landowner has them by the ___ for a change and pays up.  

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