HALCON OCT 2 UPDATE UTICA/POINT PLEASANT??(What to believe??) Are they crooks??
Halcon has letter dated October 2, on its site updating its activities and plans for UTICA/Point pleasant in Trumbull and Mahoning counties in Ohio, and Mercer, Crawford and Venango Counties in western Pennsylvania. There is also 42 page pdf written presentation, and oral address by Halcon at Johnson Rice conference held on October 2, 2012. There is a map of Halcon's supposed "focus area" in parts or all of these 5 counties which speaks for itself. This same company within the last few weeks informed landowners in Mercer, Venango, and Crawford Counties, Pa and Trumbull County, Ohio that it was not going to pay certain landowners bonus money on acreage which I believe in the aggregate totals 60,000-90,000 acres. I do not know what to believe about this company but anything they say is highly suspect. I hope this post engenders some constructive thoughts and posts by others who may know more. I sincerely hope all "lessors" who signed with Halcon get paid, irrespective of what township or state they may live in. No mention at all on website about their recent decision not to fund hugh amounts bonuses for properties they "leased" in eastern Ohio and western Pennsylvania. I have put the terms "leased" and "lessors" inside quotation marks since a court may ultimately have to decide what type of document these landowners signed with Halcon. However it turns out, I believe the landowners believed they had signed binding leases with Halcon. I hope Halcon pays them all, if not voluntarily; by ultimate court decree if necessary. Please go to Halcon's website and make your own interpretation of what they are saying, and whether any of it is credible. I don't have the answer!
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Replies to This Discussion
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Permalink Reply by Dark Sonnet on
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Anyone notice that their IRR on strictly oil wells (denoted as "black oil well details) is nowhere near 100% unless oil surpassed (in my estimate) $140/bbl? That's pretty bad economics for oil wells. Looks like liquid rich and transitional are the two targets rather than straight oil. That leaves NW Trumbull county out of the picture.
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Yet people who signed with BP are shocked that they're cherry-picking their acreage, as if somehow BP became a $135,000,000,000 company by being dumb.
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Permalink Reply by Samuel J. Orr on
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Bump to top!
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Permalink Reply by Samuel J. Orr on
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Halcon: Big Puzzle! Cancel or walk away from thousands of acres of "leases" in Venango yet with 4 permits for Venango County. One permit pending but vigorous activity on 2 sites. Not sure about third. See my thread Halcon/Venango County Updates....
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Signed lease with Caffey Group via Halcon March 1, 2012. Received payment May 25, 2012. Just recently checked deed at Venango County Court House. There isn't a name recorded on the deed. Does anyone have any idea how long it takes for them to record the lease? (Five year) My guess is five months after payment the lease should be recorded. Any thoughts? Thanks.
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Permalink Reply by Samuel J. Orr on
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Would think it should be recorded by now. Are you sure you checked properly? If you do not mind where is your land located? You are apparently one of the lucky ones to get paid by Caffey Group/Halcon. You are aware that they (Halcon) walked away from a lot of acreage in Venango County yet they have 4 permits for wells and seem to be actively drilling the Allam site as we speak??
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