Range
I understand that R Resources leased PA Gamelands or maybe state forest, which neighbors a few props off rte 6 and shin hollow. $4000 Bonus and another $4000 = $8000. Not sure what the royalties had been.
Bob
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Replies to This Discussion
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Permalink Reply by Bob Moran on
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Can you explain what you mean by $4000 bonus & another $4000? Which county & township?
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Permalink Reply by 3uq96odaochmj on
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Range Resources is the epitomy of white collar criminals.
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Please explain. They have a pile of Ac. in Venango to our North. All I have ever heard about them has been positive.
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I meant the White Collar Criminals comment. Unusual and probably uncalled for.
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Permalink Reply by Oliver Perry on
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I agree, very uncalled for. Everything Jasper posts is negative, must be fun living with him!
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I was part of a landowner group once in Greene Co., PA and had several thousand acres that was turned to Range. The group had a signed letter of intent to purchase from Range. Range had 90 business days to conduct their "due diligence" on the acreage. The 90 days was up and no check - nothing. When the group contacted Range, the reply was "why should we pay $4000 an acre when we can go out and sign all we want at $200 per acre". We had a signed, and notarized, sales agreement executed by both parties. And they had the balls to say "tough" - c-ya! What would you say if someone, or an company or organization, did that to you? Besides, they were the FIRST o&g company to hire a public relations firm - not because they wanted to get the word out on "energy independence" or how much of an economic boom shale drilling is or will be to pennsylvanias citizens. NO. It was to clean-up their crappy image from what they were doing in Hickory, PA.
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You make no sence whatsoever with this statement. Letter of intent to Purchase?? What is that? And when was this, Year? You personally had several thousand acres or your group was several thousand?
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A "Letter of Intent to Purchase" is a sales agreement with all the details of the transaction between both parties. The year was Fall of 2008. The group has several thousand acres.
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So what you are saying is that they had an opportunity, to purchase your gas, both sides had signed the agreement, then they changed their mind, decided to lease the area instead of purchase? It seems sensable too me if they changed their mind and did something that was within their rights according to the document, I dont see anything criminal or deceptive about acting on what is their right. You must have many other companies interested in your land if Range said no thanks. I think you are leaving out a whole bunch of details here.
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There was no "out" clause in the Agreement. They changed their mind and basically said "go pound salt". There was nothing in the agreement that gave them an "out" or right to cancel. This was a legally binding agreement with no provision for either party to cancel. The group sued Range and Range settled out of court. Now the groups acreage is in another companies hands and they are on well #3.
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The acreage is HBP acreage acquired through acquisitions (purchasing wells) originally drilled by Great Lakes Energy Partners. Range Resources purchased GLEP, and that's how they 'have a pile of acreage". The management of Range (from Oklahoma) are crooks.
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