Total investigating Chesapeake

Just heard from a friend who is a landman and he stated that his company was selected by Total to review leases that Chesapeake took in Ohio after the JV with Total and were back dated.  So far they have discovered many leases dated Oct. 31, 2011 but were notarized in late November and December.  According to him the per acre prices would be much lower for Total with the back dated leases then the price with them would be.

The funny thing about this is that he used to be a landman for Chesapeake working in Ohio until they laid him off.  He said he is well aware of this practice by Chesapeake.

Anyone else heard this?

Jim

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Permalink Reply by Jeff Kerr on May 21, 2015 at 9:57am

We had Chesp. then Rice took it over at least Chesp. was paying us for oil and NGL Rice still say's its a dry well I just want to know why was Cheap. paying us for it and Rice is not. there all crooks they both took 30% out in deductions so as far as I see Chesp. was the better of the two.

Permalink Reply by Gary L on April 3, 2015 at 2:30pm
Permalink Reply by Jim Lawrence on May 4, 2015 at 7:48am

Just heard from Gary and he states that it appears Total is going forward with legal action against Chesapeake.  

I wonder if it's due to all the settlements pertaining to Chesapeake that have happened within the last two months?

Certainly hope something is coming the land owners way in Ohio this year.

Permalink Reply by Mark Anders on May 4, 2015 at 7:56am

There is a lot of info missing from that. 

The leases they CHK took from oct to dec were not in the TOTAL JV area. They were in Stark/Portage/Summit. 

I don't think CHK was heavy into Carroll at that time and def not into other counties SE.

Not only that, CHK reps didn't take leases under the name CHK at that time AND nor did they have their notary. They would have to go to a bank or have a notary present at the time of signature. I can't tell you that this claim is most likely false.

Permalink Reply by Jim Lawrence on May 8, 2015 at 7:13am

Yes, they were leasing under Buckeye Energy or something to that effect

Permalink Reply by richard campbell on May 8, 2015 at 9:46am

thanks for any help i can get..i signed a lease in feb.2011  with chesapeake..5 yr..it will expire this feb..property 23 acres. on calla rd..salem oh..mahoning co..a well site was put in place on rt..45..somewhat behind my property..i do not beleive any action was done but the pad is in place..my question is what is the outlook i will have my lease renewed..and if they sold it to another co..how do i find that out.

Permalink Reply by Joseph-Ohio on May 9, 2015 at 12:26am
Wonder if they can / will extend / renew your lease ?

How does your lease read pertinent to extensions of term / renewal ?

I'd guess they would want to extend / renew (or sell your leasehold to another developer) considering they've invested / made effort toward drilling.

Kindly keep us in the loop / informed.
Permalink Reply by Joseph-Ohio on May 9, 2015 at 2:12am
Also, do you know for a fact that your land / lease is part of the well that's supposed to go in someday ?
Permalink Reply by richard campbell on May 9, 2015 at 11:25am

how can i find out if my plot is in the total plot for the future well..and yes i believe the lease says they can renew the lease..after 5 yrs..

Permalink Reply by Joseph-Ohio on May 9, 2015 at 12:51pm
Personally, I don't know how you can find out anything about the future well you reference and / or how it might relate to your land.

Maybe another reader here or a neighbor can provide you some answers ?
Permalink Reply by pat on May 9, 2015 at 11:48am

Thank God Total got my lease off Chesapeake

Permalink Reply by Jim Lawrence on May 9, 2015 at 11:56am

Pat, I don't believe Total bought the lease from chesapeake, they partnered up with chesapeake by buying into certain areas.  Chesapeake has brought a lot of money to this area and has made some people wealthy, on the other hand they have screwed everyone over.

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