Is Carrizo drilling????

I signed a lease on our property over 3 years ago in Clearfield County. It was for 4yr with 4yr extension. The 4yrs will be up in June. They did get a permit to drill over 2years ago but never did anything on property. Has anyone heard any info on if they are planning to drill on not in that area? They have a lot of acres leased there and I can't imagine that they'd pay all that bonus $ and not drill before times up. They probably will put some equipment on the property and say its HBP. Any info is appreciated!!!!

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Permalink Reply by oildude on February 23, 2012 at 2:51am

What would qualify as begining drilling. I mean can they put a surveyor's stake in the ground and say they are starting a well and hold your lease?

Permalink Reply by Jim Litwinowicz on February 23, 2012 at 4:24am

All depends on the lease.  Unless what actions determine drilling are well defined, a stake in the ground, cutting brush, or just doing the paperwork for a permit may be enough to hold the lease.

Permalink Reply by Farmhouse on February 23, 2012 at 4:09am

This is from Tues 2/21/12. Fresh info.

http://finance.yahoo.com/news/Carrizo-Oil-Gas-Announces-iw-32891786...

This is the most recent investor presentation.  

http://www.crzo.net/uploads/IPAA%20Palm%20Beach%202-2-12.pdf

Doesn't look like they are rushing to drill in Clearfield, especially if you are primarily Dry gas. But on the other hand it's nearly impossible to believe that they would let your type and amount of acreage go. Your sitting on a ton of minerals. I would say your overall outlook is fantastic. May have to wait out the price of gas however. Good Luck!

Permalink Reply by Blindsquirell on February 23, 2012 at 4:16am

Totally agree with Farmhouse.  Id expect a check to extend the term very shortly.  Dry gas area or not thats alot of OGM OWNERSHIP.

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