First Penn Oil and Gas Lease?

Have 100 acres in Irwin Twp.  First Penn has sent a lease for the Tully Formation.  Does anyone know about this formation?  First Penn indicates that they are not interested in Marcellus Shale but I have questions about that.  Have never heard of Tully Formation?  Can anyone enlighten me.   Is Shell and Atlas active in area? 

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Permalink Reply by George Brown on November 1, 2011 at 9:12am

Hi Mary

If you are in Irwin township in Venango county (where I am), you should definitely talk with Shell (Jason Hannath).  Friend me and send me a personal message.  I'll reply with Jason's contact info.

 

Permalink Reply by Dan Brockett on November 3, 2011 at 8:51am
George - I'm in Irwin Township as well - I wasn't aware that Shell had made it up here yet. We have heard from Seneca. Can we swap notes?
Permalink Reply by George Brown on November 3, 2011 at 2:23pm
Certainly.  Friend me and I'll send you my contact info.
Janice Lanphere HancharickPermalink Reply by Janice Lanphere Hancharick on November 2, 2011 at 6:05am

Tully IS above the Marcellus, and has become very profitable due to the Burkett shale within it.  If this is a skimpy lease ... low $$$ and gross royalty % ... beware!  Don't sign!  Don't sign!  Don't sign!  A company lease was written to benefit the company alot more than it was meant to benefit landowners.

 

Touch base: jlhanch@nc.rr.com

Permalink Reply by Brian on November 2, 2011 at 3:08pm
A guy by the name of Matt Fosbender? contacted us tonight, representing First Penn Oil and Gas.  He has called us a few times now.
Permalink Reply by Mary Jurcevich on November 2, 2011 at 3:29pm

Recd. copy of First Penn lease.  Was not really happy with it.  I think I will work on getting a Marcellus Shale lease.  We have property in Greene Co. that we have leased and comparison with First Penn was not impressed at all.  would not sign.

3uq96odaochmjPermalink Reply by 3uq96odaochmj on February 1, 2012 at 11:51am

Can you shed more light on "First Penn Oil & Gas, LLC" as to who are they, who do they represent? 

I received a lease from them wanting to sign a lease with a 5 year primary term, and the option for one additional term of 5 years, $300/acre for a "paid-up" five year lease, to be included in more than one produciton unit, and only to the base of the Tully limestone - all for the "shallow" depths as stated in their letter.

Doesn't make any sense.  They want a "shallow" lease only to the base of the Tully and to be able to include my tract in a "unit".  I know of very few shallow wells in SW PA that are in a unit, only so because the well is right off the property line.

 

Any info. would be greatly appreciated!

Permalink Reply by ShaleAdvice (Steven C. Townsend) on November 3, 2011 at 1:28am
We will be having a meeting in the next couple of weeks to discuss landowner options and possible additions to the landowner group.  They are absolutely interested in Marcellus Shale. If they tie up your land for any other reason they will have the ability to broker a deal with a real O&G company for a huge profit.  I am speaking with Shell as well as others.  Jason from Shell agrees with me and will tell you what I'm telling you....you need to have someone in your corner besides the landman.  You can friend me and I will give you the details of our landowner group.   
Permalink Reply by Dan Brockett on November 3, 2011 at 8:49am
What landowner group is this - in Irwin/Victory Township?
Permalink Reply by ShaleAdvice (Steven C. Townsend) on November 3, 2011 at 11:03am
I'll get you the details if you email me.  The 3 areas of concern at the present time for Shell are Clinton, Scrubgrass, and Irwin.  However, we are organizing all contiguous counties at this time and have spoken to other O&G companies.  We have 2 upcoming meetings that are in northern Lawence County (10th & 14th) and another in Butler County (17th) that you are welcome to attend, but with the holidays it is difficult to schedule meetings until after Thanksgiving.
Permalink Reply by Brian on November 3, 2011 at 11:16am
Anything for the rockland richland and cranberry areas of venango county
3uq96odaochmjPermalink Reply by 3uq96odaochmj on February 2, 2012 at 4:42am

I spoke with a landman from First Penn Oil & Gas, LLC.  Too many red flags - P.O. Box only address, wanting to drill "shallow" wells (but lease to base of Tully - which sits atop the marcellus), 5 year paid up lease at only $60/acre, need my tract to be part of a drilling unit, and when I asked who was "First Penn" he replied that he could not divulge that info. - when I pressed the issue some more he replied that they are a subsidiary of one of the top five producers in the country - and for me to find out more I needed to sign a coinfidentiality agreement. ???????????????????????????

 

This is what I think "First Penn" is - lease flippers.

 

BEWARE.

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