Replies to This Discussion

Permalink Reply by Farmer P on February 23, 2012 at 12:10am

Good points.  Thanks.  The lease limits the amount of our land being used to 160 acres OR the amount of acreage contained in a lot or section of land in the township in which the leased premises are located.  I would interpret "the largest section of land" to mean a 640 acre section???  The properties in our township were originally laid out in 640 acre sections in the early 1800s.

 

The lease has not been assigned to another company based on my research.  There are no depth restrictions in the lease.  There is not a no reassignment clause.

 

So, my understanding is that we could not be unitized (combined with another property outside our lease???) without our written permission.  The written permission requirement for unitization would override the pooling clause and limit the drilling unit to only our acreage???  Am I correct?

Permalink Reply by oildude on February 23, 2012 at 2:17am

Billy

 I like your analogy about landowners groups being like livestock sales. I raise beef cattle and have often felt that lease flippers are like " pen hookers". I have a neighbor that has a gas well that was drilled in the 40s. His royalty checks stopped coming 5 years ago. He thinks the oil company has voided the lease. I think that too. Now get this! Last month one of his neighbors stopped by his house and told him that several years ago the oil company sold interests in his well. It seems that there are a few neighbors that think they own a part of his oil well. What do you think?

Permalink Reply by Billy Park Whyde on February 23, 2012 at 2:40am

  The answer to that is simple. Look it up in the County Recorders office From what I have seen when a transfer of working interest in a well takes place it is recorded at the recorders office. 

  While a person is at it check to see who owns the lease? Question who has the lease, are they still in business,  if it was a company  check the Ohio Secretary of State to see of the company is still in business. 

 It is possible for a company to have sold working interest in a well or a couple of wells  and retain the leases, through a mistake or even possible bankruptcy the lease might have been liquidated . 

Permalink Reply by Billy Park Whyde on February 23, 2012 at 2:57am

  FarmerP  the main goal is education here at GOM and we can learn a lot. One of the neatest things is having a renewed interest in neighbors. Not knowing where you are located I have no idea of your surroundings. Do you know who owns property that adjoins you? You can look up at the recorders office to see what the land around you looks like.  Could the land be under a different lessee, are the parcels even big enough to obtain a larger unit. 

  Knowing this paints a picture of the puzzle, the question then is who owns most of the pieces. The more landowners that communicate with each other will make a large difference in both Lease bonus and royalty .

Permalink Reply by Farmer P on February 27, 2012 at 3:28pm

My main question at this point is the addendum statement, "This tract of land will not be unitized without written permission of the Lessor."  I believe that the oil companies will need to modify our lease to form a drilling unit because of this statement.

Permalink Reply by Billy Park Whyde on February 27, 2012 at 4:12pm

Yep at the way you state it. You must give them permission. Meaning what is your signature worth?

Permalink Reply by Billy Park Whyde on February 24, 2012 at 3:25am

 I sent out a request for a data map program that supposedly can locate leases that are active, leases about to expire, well info. I do not know if it would give lease ownership or how current the database is. It looks as though you could visualize land plots by color fill  upon the map by lease information.

 This could be a valuable tool in knowing what a O&G company has interest in as it might increase the value of a lease bonus.

  I believe the cost of this would be prohibitive as it looks as if it is a national data base so I asked if a limited by county access would be available. 

 Stay tuned. 

Permalink Reply by oildude on February 24, 2012 at 3:45am

Check out P2 energy solutions map available through Tobin online. I just got an email advertising this. I think it is along the lines of what you are looking for but you gotta pay for it. Ha ha ha ha.

Permalink Reply by Billy Park Whyde on February 24, 2012 at 3:48am

Thats who I just contacted! lol

Permalink Reply by oildude on February 24, 2012 at 6:10am

Maybe someone could start a discussion thread that had links to several maps and different tools that we could all make good use of. I dont know enough about computers to do such a thing. Any takers?

Permalink Reply by Billy Park Whyde on February 24, 2012 at 8:52am

 This thread was started on 18th April 20011 see http://gomarcellusshale.com/group/ohio/forum/topics/leases-offered-...  "We've been approached by Fossil Creek Energy Corp (FCEC) for $50/acre, 12.5% Royalty, and $10,000 if a well is drilled." 

Less than a year latter!

 see page 42

 Reply by sawtooth on February 11, 2012 at 5:32pm

Yes its Antero Resources is the company and there paying $5000/20 and up.  Eclipse is so tight there probably no longer able to compete in buying up these leases in Noble county.  They did well last year though as many people jumped ship early allowing Eclipse to buy in quickly and at a low price.  They will probably drill a few test wells to prove what they have and then sell several times over what they paid for them originally.  Doesn't seem right but thats how its done.

  If you just read this how much money might you have gained by knowing this? 

Permalink Reply by oildude on February 24, 2012 at 2:16pm

Knowledge is power. I am having a really hard time convincing these farmers of the TRUE value of what they are sitting on. Oil is $ 108 dollars a barrel but they cant make the connection in their head. They bitch about the price of gas but dont think their oil is worth anything. 

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