I have not been here in awhile and need the latest info on guernsey co along Laughman rd. I have been getting many people interested in purchasing my mineral rights, which leads me to believe something in about to happen. I have heard nothing from any drillers, any thoughts?
Congratulations Walt. Thanks for updating us!
OOHRAH, In Tuscarawas County Encino/EAP paid an average of 3,000 an acre so some more and some less. Mostly 15% some got 16% GROSS. Of course this was a year ago. Make sure it is Gross and have a Lawyer check the wording for that in the lease because they like to twist the wording around and it ends up letting deductions happen. Those that held out got the higher Bonus but there is always a chance that they just cut you out of the Unit. They take most Units to Unitization because they can't convince everyone to sign a lease. You can negotiate with them even through the ODNR Unitization hearing timeframe.
Why would you want a six year term? Do you mean 3 years upfront and an option for 3 more if they pay a bonus again? When they started out they did offer that but then they only offered 5/5 year lease. But I guess anything is negotiable. I think it depends on when they think they will drill. If they have a lot going on they like the 5/5 to give them time. I certainly don't think you meant a 6 year lease upfront then an option.
Encino is serious about drilling the people they want to lease. They are not speculative.
If you want to know what companies are paying in your county go to the ODNR Unitization Hearing Calendar online and it will show you when Unitization Hearings are scheduled, what companies etc. Anyone can call in and listen to a Hearing. The O&G company has to state the average bonus paid along with the royalty amount. So it is very informative.
Meeting information updated August 11.
The Division of Oil and Gas Resources Management will hold a hearing to consider the Donna NW LND GR Unit from Ascent Resources in Guernsey County.
The public hearing will be held virtually on September 6, 2023 starting at 2:30 p.m. For those wishing to participate, please choose from the following options:
Virtually: Participants wishing to stream the meeting may CLICK HERE to join the Teams meeting. Please enter your name when joining the meeting.
Telephone: Dial (614) 721-2972 and when prompted enter the phone conference ID 651 974 306 followed by the # symbol.
Oh and just a heads up when I tried to stream virtually a few months ago it did not work so I had to call in to listen.