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!

Views: 52124

Replies to This Discussion

Permalink Reply by BMR on April 28, 2011 at 3:27pm

Bill,

Please enlighten us as to who the ONE company you speak of is..

Permalink Reply by Bill anders on May 2, 2011 at 1:00pm
CHK has 1.3 million acres leased in E. Ohio already, that is who i am talking about.
Permalink Reply by George Smolinski on April 28, 2011 at 5:40pm

It is really good to hear from other Noble County land owners. We really need to share DETAILS of what the companies that are contacting are actually offering. I was very open and honest and have copies of the contracts in hand if anyone would like to review them. Making a buck is not illegal however property owners should not have to be taken advantage of for the oil and gas companies to make a profit. It concerns me that (middle men) are really trying to take advantage of the people who own land and reside in Noble County. I look forward to the Noble County group to grow in knowledge and financially, if we are fortunate enough to have a well or wells drilled and producing on our properties.  Who is a trustworthy Lawyer? Is there such a thing? Or will they try to attach their fee to a percent of production?

 

Permalink Reply by BMR on May 2, 2011 at 1:13pm

Over one million acres?  Wow!

Not saying I don't believe you, but where did you read/hear this?

Permalink Reply by Bill anders on May 2, 2011 at 2:23pm

http://www.chk.com/Investors/Letters/Pages/default.aspx

 

Scroll to bottom where they summarize utica shale.

Permalink Reply by BMR on May 2, 2011 at 2:28pm
Thanks!  I should probably have been up on this since I own some CHK.. But good news either way I guess.
Permalink Reply by BMR on June 11, 2011 at 1:57pm
That doesn't say it's in Ohio at all..
Permalink Reply by Bill anders on June 14, 2011 at 2:59pm
The first sentence of the Utica Shale portion of the summary states this is within Eastern Ohio.   The first sentence.
Permalink Reply by Ernest E Harbaugh on May 3, 2011 at 1:48pm
Hey June 28th Lease Oil and Gas information at OSU Extension Office in Bellevalley Contact Cliff Little 740 489-5300. He has some really good information on what you should know about leases. Spread the news for those that might be intrested.
Permalink Reply by Bill anders on May 10, 2011 at 3:40pm
i love how the locals are now oil and gas consultants and experts, they have been sitting atop these formation their entire lives and all of the sudden know exactly what is down there and how to get it?
Permalink Reply by Randy Griffith on May 11, 2011 at 1:04pm

I am also new to this site and was also approached by Fossil Creek Energy with a similar lease agreememt. Our property is near Senecaville in Noble County and years ago had a gas well which is no longer in operation. 

In researching this I contacted the Ohio DNR and spoke with Mike Williams who gave me some web sites that may be of benefit to someone.

http://www.ohiodnr.com/oil/oilfaq/tabid/17869/Default.aspx
http://www.dnr.state.oh.us/mineral/faqlandowner/tabid/17871/default...

http://ohiodnr.com/tabid/23014/Default.aspx
http://ohiodnr.com/oil/shale/shalewebresources/tabid/23284/Default....

He said Fossil Creek is a legitimate company but recommended that one seek legal cousel regarding these leases.

 

 

 

 

Permalink Reply by Mark Curry on June 11, 2011 at 8:26am

Since joining Gomarcellus, I've learned a lot..how to read a lease, contact with a good attorney, sit tight..don't act to fast, check out the landmen that approach you.  We've done just that for several months. 

We've had a 'knock on the door' at out place in Noble County from OhTex, with a far more generous offer..granted tentative,until we see the lease language.  What was suggested is $2K upfront..and a royalty..although no suggestion on the whether 12.5% or whatever. Obviously more homework to be done.

My question to the Group is has anyone had experience with OhTex..they have an office in St Clairsville, and their website states partners as Brooks Petroleum, Arl-La-Tex Wireline and Tri-State Wireline. 

To restate, we haven't seen a lease, and this is the first I've heard of them.  Any info would be appreciated.

 

Mark Curry

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service