We received postcard from Hilcorp / Western Land Services last week about a "Presentation and Lease Signing" in Delaware Township on Thursday, November 14th 2013. Time if 4PM to 8PM. Location is Delaware Township / Civic Building.
We are still unsigned, due to a previous shallow well lease, that we are now free of. I called Western Land Services the next day and was told that they were again signing leases. I asked about the current offer, and was told $1500 acre and 17% royalties. I asked why so low, and the reply was that they have no competition in the area. I told the lady that we were not interested unless they match previous offers. She was polite and said that we should at least consider attending to hear what they are planning. She did inform me that they have plans for Pymatuning Township in 2014.
Anyone else hear anything?
Tags:
Dan ,
Look at the pipe plans on Mercer Cryogenics post, this is why they are leasing again, patience my friends.
We missed out on the first round of leasing and do not want to get left behind. We will not settle for what they are currently offering either.
If the well planned for the "Miller land " in Pymatuning goes through, we should be in that drilling unit as we are about 1 mile from there.
I am hoping that "they", will come to us.
Agreed. Competition will drive prices up. $1500 is a slap in the face compared to the $3000 offers of last year.
In the spring of 2012 we had several offers but were still stuck in a shallow well lease. We were able to get released from that lease, and signed a new one late in 2012. Unfortunately they kept us waiting for 180 business days, time lapse and never paid rendering the lease void.
I went to the meeting, but too late for the presentation. I spoke to them about what their plans are. The plan is to lease remaining properties in the area that did not sign up during the previous round. This may be the last chance for some. The project manager was clear that once they have the properties unitized, it is final. They are offering $1500 and 17%, which is obviously low.
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