This article was sent to me, by my brother, from the Akron Beacon Journal newspaper. Please read and share your thoughts with me and the rest, if you have an knowledge, as to what is going to happen to us, the Ascent lessors. Do you think another o/g company will buy our leases from Ascent?
sorry-------will start, again.
Can't figure out these computers.
The article says----------
Pioneer's Firm to Disband
American Energy Partner's LP, the Oklahoma Energy firm formed by the late Aubrey McClendon, will shut down in the coming months in the wake of shale pioneer's death, the company said.
McClendon, the charismatic founder of Chesapeake Energy Corp., raised 14 billion in 2013 to found AEP after he was forced out at Chesapake.
The new company aquired drilling rights in Ohio and other states plus two other countries. It then created limited liability corporations to extract oil and natural gas from them. Five of those companies, Ascent ResourcesLLC(a major player in Ohio's Utica Shale), White Star Energy LLC, Permian Resources LLC, Traverse Midstream LLC, and Heritage Resources Management LLC, will continue to operate.
McClendon died March 2, when his vehicle slammed into a wall at nearly 80 mph, in Oklahoma City. The day before, a federal grand jury had indicated McClendon on bid-rigging charges related to his time at Chesapeake.
Spooky, to me!
True about American Energy Partners shutting down, but out of all the companies formed by Aubrey, Ascent is the most profitable, and to my knowledge, will be going strong for years. their wells in Guernsey county are the best oil producers in the state, not too bad on the ngls either. I look for them to renew almost all of their leases in Guernsey Co. Probably Harrison & Belmont too.Of course they will try to negotiate a more driller friendly lease before expiration. I feel it's better to pass on those offers and force them to renew the current leases. But , hey, they're your minerals! Your $$$.
Thanks Bo for your thoughts, and indeed I agree on passing on their offers, along with my brothers!
Still getting contacted by Purple Land and our answer to them, on their ridiculously low lease offer, is still------ NO, thank you!
I hope all of us, in the same boat, and all under Ascent, will do the same.
If we band together and say NO to the few peanuts they want us to accept, it seems like we will have a much higher chance to get what is only fair to all the mineral rights owners!
Couldn't open attachment.
But, to answer your question - it depends. It depends on where the property is located. Companies appear to be more selective of the location of lease purchases, trying to maximize the value of their exploration and development budgets. Very few companies have "blanket" leasing programs. Instead the companies target areas whcih show the most production potential.
I am sure you are right. The o/g companies will be much choosier than when this all first began.
When my brothers and I went to the County Recorder's office to record the lease, in 2011,Colleen Wheatley informed us our minerals where in a great spot.(Londonderry, Guernsey County)
Time will tell. Our lease expires in Oct. of this year.
I copied and pasted the article from the Akron Beacon Journal but it did not show on my post.
If you want to read it, I typed it out right below, on the first response, on this page.
I am sure there was an easier way but I am not too computer savvy!
Appreciate you responding!