Has Gulfport re leased you

Our 5 year Gulfport lease is up for release or re leasing very soon. They have been pushing hard to renegotiate our lease in annual installments, no guarantee of more than a year payment.

We said no deal, we are choosing to stick by their original lease.

They say they have no money; what the heck are they doing with the millions of whatever measurement I don't understand coming from their four gangbuster producing wells they have here in Sunsbury Township, NE Monroe county Ohio ? Only Rice Energy has higher producing wells here abouts. We have called their bluff and said no way, pay up if want to keep your lease.

Does anyone care to share if their expiring Gulfport lease has been renewed and paid for ? Gulfport is counting on their leaseholders to remain stupid and fall for their bluff. But knowledge is everything when dealing with the gas companies.

Please share whatever information you might have about this particular matter; thank you !

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Permalink Reply by Paul Butler on July 7, 2016 at 7:05am

Gulfport lost 1.2 BILLION in 2015.

Gulfport lost 242.3 Billion in 1Q 2016.

It's very possible Gulfport is out of money. 

A couple of racehorse type wells can't offset years of incompetent management.

The real question/scandal is how did these rubes from Oklahoma get the money in the first place.

Don't release with Gulfport--they have too much baggage.

Wait for the new players to arrive.

They'll come

Reminds me of something Pappy told me: boy! You better let that horse go!!

Permalink Reply by Paul Butler on July 7, 2016 at 7:35am

242.3 million.

Permalink Reply by bo boboski on July 7, 2016 at 9:02am

I heasrd tell of a guy in Winterset,Guernsey co. Ohio, who recently heard fromGulfport, whom he leased with almost 5 years ago, they said they wanted to renew their lease, but it would be done by ECLIPSE!. Are they selling their leases? or joining up with Eclipse? Or is it all Bullshit?

Permalink Reply by deutchen on July 7, 2016 at 9:20am

We re-leased with Gulfport in March for the original amount for 5 years. We live in Belmont County. I don't know why they would do us and not do others. Maybe it has to do with location? 

Permalink Reply by Annie Miller on July 10, 2016 at 4:39am
Thank you for sharing; information is power in this situation.

Gulfport is very much counting on it's landowners remaining ignorant.
Permalink Reply by TreeMom on August 2, 2016 at 3:06pm
How did it work out for you - we are due soon as well....
Permalink Reply by Albert Russell on August 2, 2016 at 5:20pm

Deutchen,

Where are you located in Belmont county?

Permalink Reply by deutchen on August 3, 2016 at 12:05am

union township. Section 26. Near Morristown. Next to the Eagle Creek & Family wells.

Permalink Reply by Bluflame on August 3, 2016 at 1:43am

Thanks deutchen,

  I am located in the same vicinity with a lease expiring this fall. Some of my acreage is in the Eagle Creek unit, which has been a very strong producer. We are both solidly in the wet gas zone. With one ethane cracker moving forward and a second likely to do the same, and NG prices hanging in there, things should be looking up for wet gas landowners. Then again, I tend to be an eternal optimist!

  Thanks again and good luck with your renewed lease! Is any of your property in a drilling unit?

Cheers,

BluFlame

Permalink Reply by deutchen on August 3, 2016 at 5:16am

No, I don't have any in a drilling unit. Eagle Creek & Family on the opposite side of I-70 are both right against my property. I heard a rumor they were putting a new well in that would include me but so far it's just a rumor.

Permalink Reply by Bluflame on August 3, 2016 at 6:28am

I also own property that bolts on to the south end of the Family drilling unit. I'm a very involved absentee landowner. Must make a plug for Food By Jane in Morristown. Truly a cut above most of the eating establishments in Belmont County! And locally owned.

BluFlame

Permalink Reply by Annie Miller on July 10, 2016 at 9:43am
First of all; Gulfport has money, those wells by us are producing gangbusters even in this depressed market. I have friends who are getting monthly royalty checks who are in those units, small acreages, but substantial because of the incredible volume of dry gas going right into the Texas Eastern pipeline, and on to the gulf to be exported overseas.

If Gulfport doesn't want us, Eclipse does; they are planning on two wells within our acreage in 2018. Have been in contact with Eclipse and the well pad stakes are up and waiting for the market to just stabilize, not necessarily to go up.

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