EnerVest Sale

Any information on the sale of EnerVest leases in NE Ohio ?

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Permalink Reply by Joseph-Ohio on December 13, 2012 at 3:57am

Read about rumors of sales and not too distant future closing dates but nothing that would amount to certain fact.

Permalink Reply by Jim P on December 13, 2012 at 9:09am

Enervest is one of the really intelligent players in the Industry..they have been in Ohio for decades>Lomak-Range-Enervest...inbetween they had Gillette Razor as a major Investor when I was with them in the 80's..but I have my old lease through them and I like being in their hands to be truthful..they are intelligent..if you check their drilling patterns you will find that they are at the "outskirts" of the drilling perameters and will probably find the sweet spots by doing so. Also, when they assign, if they do, I suspect they will have some sort of guaranteed drilling program by the new assignee. I only wish they would let some of that assignee money dribble my way, as it is presumed to be 15K per acre..but according to my lease anyways, that's not possible...but then again, I would rather have a guaranteed well :)
Supposedly there are 570,000 acres involved and bidding was supposed to end in October and finalized in December..

Permalink Reply by Jim P on December 13, 2012 at 9:51am

Joseph...not really sure..but I had a link that stated such, I will see if I can find it..But,if true, yes it is indeed a handsome deal, in Louisianna it was reported that land hit 20K per acre during shale development..so I was told. I guess because my property was leased to them under my father in 1978 one always hopes anyways..but until something actually occurs ..we will see..  OK...here is a link stating 11K per acre, but I did have another stating 15K...anyways you get the idea!--->   http://the-daily-digger.blogspot.com/2012/09/enervest-looking-to-un...                

Permalink Reply by Joseph-Ohio on December 20, 2012 at 2:42pm

Jim P:

Are you saying that it is presumed to be a done deal at 15k per acre ?

That's a pretty handsome figure to say the least.

Kindly confirm and especially so if it actually

Permalink Reply by Joseph-Ohio on December 19, 2012 at 8:35am

Just read something I think is important regarding EnerVest buying Chesapeake's Utica leasehold acreage.

Click on the link that follows:

http://www.upstreamonline.com/hardcopy/news/article1300698.ece

Permalink Reply by JR on December 19, 2012 at 9:55am

This will be interesting to watch, as I understand CHK reassigned many leases in Tuscarawas Co to Enervest also.  Wonder who will ultimately own the right and will drill...

Permalink Reply by Joseph-Ohio on December 19, 2012 at 10:16am

It's very interesting to us particularly because we're landowners in Ashtabula County, unleased and adjacent to one (1) EnerVest and two (2) Chesapeake leasehold acreage blocks.

Also, we've read that both Chesapeake and EnerVest are selling their Utica Point Pleasant acres outside of their contiguous acre core areas further south.  So it's easy to guess why EnerVest bought the Trumbull Chesapeake acres as it probably consolidates a larger contiguous block to sell.

We're wondering if Chesapeake leasehold acres in our neighborhood were part of the deal (even though the article only mentions Trumbull County acres).

If anyone comes across reliable info. pertaining to this circumstance, kindly post. 

Permalink Reply by Jim P on December 19, 2012 at 2:05pm

Joseph...it is my understanding the Enervest is drilling a well in Jefferson somewhere which is close to a second well being drilled by another company..I heard that they are "sharing" information as they drill through different zones..I heard this from an owners son of a service rig company in that area..have you seen or heard anything in that regard?

Permalink Reply by Joseph-Ohio on December 19, 2012 at 2:25pm

Nothing Jim P.; other than what Garfield replied to another of my posts on the Ashtabula County pages.  Per Garfield: "Phil Caldwell (PAC Drilling) holds permits for a total of 5 Rose Run wells on the south side of US-6 in Andover Twp. But make no mistake... those are as much test wells for the Utica / PP as they are RR production wells. EnerVest already drilled its Eaton 3-S test well in Rome Twp, and has sinced obtained permits for wells in Wayne & Cherry Valley Twps. Look for EnerVest to sell its Ashtabula deep rights in Q1-2013."

Your reply to this post is the 1st I've heard of any wells in the Jefferson area.  I know of Tussel in Jefferson, and Belvoir in Dorset - could it be they are working together on the Jefferson wells you're writing of ?

Heard a little more about a couple of the wells on the south side of rt. 6 around Williamsfield and Andover.  Heard that they're supposed to be (both of them) non-Utica vertical bores (no horizontal laterals involved) and below the Utica interval.  The one around Williamsfield is supposed to be proving to be a really good well for oil.  Also heard that those aren't necessarily into the Rose Run (RR).

 

Permalink Reply by Joseph-Ohio on December 20, 2012 at 2:39pm

Thanks to Jim P, I kept looking and found this link discussing the 15k / leasehold acre figure (for "natural gas liquids" acres and perhaps even more for acres in "oil areas") :

http://marcellusdrilling.com/2012/11/ev-energy-selling-539k-utica-s...

Permalink Reply by Jim P on December 21, 2012 at 8:03am

Thanks Joe...that is correct, and I do think that is the article I had seen earlier suggesting 15K per acre..I still think that companies that receive that much on leases held by production or otherwise ought to give 1/8 to the landowners..just doesn't seem tight that landowners lose on that type of profit on their land..if that isn't being challenged in court now, it ought to be!

Permalink Reply by Joseph-Ohio on December 21, 2012 at 8:35am

Jim P,

Thanks, but:

1/8 (12.5%) would only equal $1.875 k per acre (on the basis of $15.0 k per acre paid by the next lessee) and I'm assuming you're speaking of signing bonus money - not royalty.

BP down in northern Trumbull County paid a signing bonus of $3.9 k per acre and 17.5% royalty on gross production.

I've heard that BlackRidge in southern Ashtabula County paid as much $4.25 k per acre signing bonus and 18% royalty on gross production.

J-O 

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