Hello all, I know many had signed lease before me, so i would think Id be hearing about some renewals by now. My 5 years is up in April. Anyone heard of Gulfport holding up to the renewal arrangement, or they just letting them go? Guernsey County Madison Township.
Wanted to update y'all on our situation with Ascent.
Have heard from the guy from Halo, twice, and asked if we would accept the $500 an acre, 1 year deal.
Both times my brother said no. Wished him a good day and have not heard back since.
But those two calls were in a one week time period, about a week and a half ago, for what that is worth.
Has anyone else connected with Ascent heard from Halo or another Landman?
It is my understanding, and please correct me if I am wrong, but doesn't the o/g company, in my case, Ascent, have to give you a 6 month heads up, as to if they are going to resign your lease?
Bo, your reply above indicated Ascent will probably buy the expried leases from the others that are being released from other o/g companies.
How does that work and why do you think that?
Is Ascent the only o/g company still interested in the Guernsey County area?
Ascent has had Huge success with their producing wells in Guernsey co. Londonderry,Old Washington,Antrim area, They are surrounded and probably hindered a bit with their unit sizing because of Gulfports leasehold all around them. If Gulfport releases all their acreage there, I'm sure Ascent will be knocking on some doors.I'm sure they think they will be able to get em for a song n dance also. when the price of oil goes up to where it'll profit them to drill,there may be others knocking, but Ascent is already established in the area. Some of their producing wells are on pads that were drilled s.s.e. because Gulfport,or others had the minerals leased going n.nw from the pad. Or visa-versa.Who knows,Gulfport may be back to lease some of the same acreage.They just didn't want to fork over all that$$$ at this time.
Thank you Bo for the informative letter.
Hoping all involved, with Ascent, will say---no thank you -------to the low ball offers, Ascent it presenting to the people, who's leases are coming to termination.
If we all stick together, and say no, maybe Ascent will think differently.
Go in the hole($$ wise), now and renew the same $$ for our leases and then them make a whole bunch of $$ later.
Long time no hear!
Hope you are doing well!
Could you explain in greater detail what you mean by "what your lease says about the 6 month ordeal"?
I hear ya, Evan. Ascent doesn't seem too informative to landowners or the public. If they decide to renew their leases, they will probably just do it without notification to anyone, except maybe the County Recorder. They would have to get the renewal bonus $ check in the hand of the landowner by the expiration date of the1st lease. At least maybe have the check postmarked and sent out by that date.Which would be okay with me. Maybe 4 years from now,oil will be back up to $60. or more..
I sure learn a lot from y'all and all the others on this site!
Sure appreciate it.
I have yet to hear about royalty payment problems from people in their producing units. Things like you hear about Gulfport,Eclipse,Rice,Chesapeake. Under reporting production,withholding payments,taking out post production costs contrary to the lease agreement. Only thing that they are doing that people are a tad upset about,is the negotiations on the leases that are about to expire. They obviously don't want to cough up another $5000. per acre to renew these leases another 5 years. so they have hired a land co. to contact landowners and try to talk them into 1 year leases. From what I read,its the only company spun off from American Energy Partners that is doing well. They just completed a regional office center by the Airport in Cambridge. Lots of people working out of there. This tells me they are here to stay.Their wells in Guernsey Co. are among the best oil producing wells in the state. The office cventer is quite impressive. Hard to see ,though,since it sits on a hill and back off the road. An airplane or chopper would be best. I cant understand why the Daily Jeffersonian doesn't do an article on it. Seems newsworthy to me! New buildings,jobs ? Someone can open up a hair styling salon downtown and its on the front page! lol.
Insight? guesstament would be more like it. That was a poor producer. It was also the 1st or one of the 1st wells Gulfport did horizontally in the Utica. Maybe the 1st in Guernsey? Anyway, I truly believe at that time they simply did not know what they were doing. With Their technic nowadays ,drilling on that pad may just get em one of the best OIL wells they have. Just look at the wells by Ascent in Antrim. just up the road. Drilled with todays technology. One of the best in the State!. Someday,I excpect Gulfport to return to that pad and drill again. Right now,they are only interested in Gas.