They are the old east resources, before that old Pennzoil guys. Mostly do waterfloods in WV.
I have not read anything about this - Where is your land located? Is South West the same company as Southwestern Energy - stock symbol - SWN?
Mon county, WV.
Yes it is SWN.
Our land man who has been with us for many years told us this today.
Yep, HG Resources has been around for quite a while. I saw a couple of their leases a few years ago, but hadn't heard anything from them from before things started to crash. Interesting they would buy SWN property. To add on to PA Joe's comment, Pennzoil owned a lot of South Penn Oil leases, which were some of the first leases taken in WV way back in the late 1800s. So HG is oil and gas royalty, no pun intended.
Did not see a press release on the acreage sold from SWN to HG Resources. Was this acreage that SWN bought from CHK in 2014? Earlier in the year, SWN sold 45,000 ac. to Antero and this was well published , but not sure it involved any ac. in Mon county, WV or HG Resources.
Unbelievable what I found out about the deal made between SWE and HG.
Now we are in a mess because SWE did not sell the Marcellus rights to HG.
I spoke to both the production supervisor and our HG land man who told me this.
Good news is HG wants to rework our vertical wells to raise production.
CHK has been choking our wells for years and now that will change.
On to the next development - We sued CHK and got our terms met BUT CHK lawyers did not file every thing agreed on in the court house. So we met with HG yesterday and were told we have to split the maintenance costs of road maintenance. Wrong answer!
We are in the middle of calling our counsel to get that corrected. In the mean time we have a major washout preventing trucks getting to service the wells.