neighbor got renewal letter and check to extend lease for 3 more years.this is in nottingham twp.leased with cheasapeake its odd because lease isnt up till 4/16/16.anyone else get renewed.still waiting myself
good to know
keepthefaith, what would u suggest to do next? should my Dad contact a lawyer?
I don't know what to tell you. I'm certainly not an expert. It probably would be wise to get a legal opinion - not just any general practice atty either. If he used KWGD before, I'd go to them. If Chesapeake brought him a new contract that didn't meet the terms of the first one, Chesapeake was in the wrong. But if he's already willingly signed a new contract, he may be stuck. But like I say, I'm not an atty.
thank you, he did not sighn anything new yet, appreciate your help!
The language you're looking for is on page 3 of the contract if you have the same contract I have and I'm assuming you do.
CHK just renewed my lease in the corners of Moorefield/Athens/Cadiz townships. Received check two weeks early. I was informed that drilling is to begin in early October.
Congrats! Hope all goes well for you.
Brushing cobwebs off the Harrison county board...my current activity in shortcreek twp:
Primary term is 5yr lease with option to extend 5 addition yrs. original offer was 20% royalties, in which I negotiated to 18.75% in exchange for higher bonus. The Lease language is more beneficial to O&G co...surface use, post product costs..etc. O&G co. boilerplate lease!
Hess opted to the extend our lease, this took place last yr... Entering my 1st yr of 5yr extension. Lease extension and bonus paid in full, 1 month before lease expired. Hess has been a good company to work with, I had option to lease with CHK energy at same time, glad I decided on Hess Corp. I had no indications from Hess that they would ext. beyond primary term (asked them if they could give me insight on their plans regarding my lease, they could not give any details. I had customer relations note on my account that if the extension was not completed by the expiration date, with no delays on my part, that they will be receiving paperwork by certified mail with my demands to release my O&G contract/lease from my deed at the courthouse...to me, I felt this was the only way a could convey a sense of urgency to them. I wanted them to know "I mean business" ....no lollygagging around. Not saying thatmy phone call to them pushed them into extending my lease, but coincidentally, our lease was extended!!
Leased parcels around my prop. expired last year, CHEEZYPEAKE didn't renew/extend my neighbors. Some have managed to sign new leases late last yr or early 2018 with ascent resources Utica. my property is located off SR 519 between route 9 and SR250. Ascent's drilling rig is located in Belmont county within a wheeling twp ( I'm on the borderline of Harrison and Belmont county approximately 3mi east of town new athens. Neighbors stating better landowner language in lease and higher bonuses over 2012 leases. Can't answer to more specifics regarding neighbors situation. I have been one who has been patiently waiting for a lease extension. Now my plans "at the moment" are to slowly pursue negotiations over selling 50% of my O&G rights...hold on mineral investors, buyers, flippers and trolls!! : this is NOT how I am going about marketing my minerals ...I don't need to sell anything right now to pay bills , mortgages ..etc so don't waste our time with 4 digit offers/per acre.... I will let my flesh rot off before giving mineral rights away.
Just a side note for the administrator of this forum: I was going to offer my input to this website and shale forum 6-7 months ago but had constant problems signing in or signing up or verifying my email address. also, the "24 hour pending new account approval Process" gave me time to reconsider posting and deciding to retract my new account sign up....not looking for answers here "just saying".
Now that I have offered some information, I was hoping to gain a better understanding of the dry gas production or current btu range in my area. The truchan NW WHL BL 5H well lateral is just yrds south of my 46ac. Odnr shows some of these laterals are producing. I want to make informed decisions just trying to gain better understanding of current mineral value as wells creep closer to me. I don't know anyone in this area personally receiving royalties so I have no help in terms of gaining direct knowledge on this subject.
I know this O&G game is a moving target, and I thank all who will respectfully reply to this thread.
- If the pic I'm attempting to upload makes it to this board , my prop is highlight in red.
Good luck and God bless America
Just curious, you say you "don't need to sell anything right now to pay bills", in that case why would you want to sell 50% of your O&G rights? My thoughts are that you would be far better off in the long run by keeping them. Just my 2¢
WR, My investment portfolio years ago was all kept in Oppenheimer funds. All I had to show for my investment was a quarterly statement, Moderate and some slightly risky funds. I decided to cash out of most of those funds and invest in something I could actually use (property) instead of just filing away a quarterly statement every three months. In hindsight , great move on my part, in 2008 my remaining mutual funds tanked!! I purchased my surface &mineral rights nearly 20 yrs ago. To my satisfactory, both of these investments have increased in value over time. I love the idea of profiting off my investment but the biggest Gaines I have had that I will forever cherish are the memories my family and I have created using our property to camp, hunt, fish, farm and ride.
I have been posted to the energy industries cylindrical Cycles And I hope to cash out a portion once the price to sell minerals has peaked ( educated guess and luck!) The funds that are created by a mineral sale will then be reinvested ( not in the energy sector ) but into Family investments that I have more control over, With much less headaches!! One thing that I’m 100% sure of In terms of oil and gas investments: ZERO guarantees to work out as planned !!
Seems like we are all playing the waiting game. I have property in Shortcreek and was renewed 2016 for 5 years. My nephew works in the industry and he keeps saying the minerals are there it's just a matter of time until they drill for them.
The price of natural gas is low right now so I guess I would rather wait until it improved before the royalties could kick in. I guess I would be interested to find out what kind of money people are making off their royalties with some of the local wells in our county.