Leases Offered in Noble County

I'm new to "gomarcellusshale", as well as new to this business.  We have a 152 acre farm with "Clinton" gas wells which supply our needs.

We've been approached by Fossil Creek Energy Corp (FCEC) for $50/acre, 12.5% Royalty, and $10,000 if a well is drilled.  We are sitting on the Utica Strata.  I've carefully read the lease and am very suspicious of the terms.  We are consulting attorneys.  I don't see any members from Noble County..and some interesting notes from Guernsey which lead me to suspect the FCEC lease.  Can they broker a lease after signing "cheap"?

We have news of ARTEX Oil offering leases in our County, they're out of Marietta.  Any comment on FCEC, ARTEX, and my suspicions would be welcomed!

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Replies to This Discussion

Permalink Reply by Christiane Marshall on July 27, 2011 at 11:04am
I'm still confused. Is everyone posting here from Noble County? If so, are only certain townships being approached at this time? Our farm is in Enoch Township. We didn't hear about the meetings some of you are talking about. How can we get in the loop? Thanks!
Permalink Reply by scott peterson on July 27, 2011 at 11:07am
Much of it is word of mouth or from a resource like this website. Some folks are getting letters & some even phone calls.
Permalink Reply by Christiane Marshall on July 27, 2011 at 11:12am
Any of these folk in Enoch?
Permalink Reply by Private KeepOut on July 27, 2011 at 1:29pm
Christiane, An Eclipse Rep just left my house and they're offering 2300/acre, 15%, 5 years with an option for renewal.
Permalink Reply by Christiane Marshall on July 27, 2011 at 1:42pm
Thanks Teresa. How does the contract look? Did you have an attorney review it? Are you in enoch township or do you know if they're prospecting here?
Permalink Reply by Private KeepOut on July 27, 2011 at 2:09pm
I asked to see a sample copy of the lease and she said that when we get to that stage in the game that they will write one up specifically for my needs. I think they're just in the preliminary stages right now...trying to make contact and get some mtgs. setup. Before signing a lease I will definitely have my lawyer review it. I live in Wayne Twp....close to Seneca Lake.....where exactly is Enoch Twp?
Permalink Reply by Christiane Marshall on July 27, 2011 at 3:26pm
Enoch Township is over near Fulda/around 564/old Route 15. We're right outside of Caldwell. (Caldwell is our postal address.)
Permalink Reply by sawtooth on July 27, 2011 at 1:57pm

Teresa,

You should look at the 15% and see if it comes off the net.  I don't like this as this makes them less responsible for their expenses which in turn allows them to spend more since its your money.  Also, make sure to have your attorney review it as i'm sure there are some addemdums (improvements) needed to protect your interest.  

Permalink Reply by Private KeepOut on July 27, 2011 at 2:27pm
Thanks sawtooth for the tip.....I'll ask this question for sure at the meeting.
Permalink Reply by sawtooth on July 27, 2011 at 3:07pm
good luck Teresa and we would all like to know what your lawyer has to say.
Permalink Reply by Private KeepOut on July 27, 2011 at 3:36pm
Sure enough. Thanks!
Permalink Reply by Robert Fulton on July 28, 2011 at 2:36am
Well I just learned the neighbor whos 29 acres adjoining my 30 has leased with Eclipse. Does anyone know ANYTHING about these people?

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