Update on renewal from Ascent
Sorry to start another page for this update but I cannot find a place on the other sites to reply??
Just so anyone new reading this understands what I am about to write, here is a short synopsis of what I am referring to.
Our lease , with Ascent is up in Oct. of this year.
A company called Purple Land Management contacted my brother in Feb., there are 3 of us on the lease, and offered $1,000 and acrea of a one year lease.
Came to the house without calling first and my sister-in-law was having a spinal operation the next day or so, and my brother did not have the time to really talk.
My brother told him to come back and he did about 3 weeeks later and the offer had gone down to $500.00 for a year lease.
Anyway, Dustin from the Purple Land Management contacted my brother, a few days ago, and informed him that another company, Halo, would be negotiating our lease.
He would no longer be involved with us.
The guy from Purple Land said he has too many other leases throughout Guernsey County to take care of ours??
Is anyone familiar with this Halo management?
Told my brother Halo would be contacting him in the near future.
Will keep y'all informed about this conversation.
Should be interesting.
nc man
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Replies to This Discussion
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Permalink Reply by Paul Butler on -
Purple was a key broker for the Oil & Gas companies who lost the tens of billions of dollars,who wanted land work done as cheaply as possible and could care less if the work product made any sense. The bankers and investors wouldn't know the difference.
I'm surprised they are still around.
When they do the post mortems, their fingerprints will be all over the catastrophe.
HALO ENERGY is an oil operator located in KILGORE, Texas.
- Company : HALO ENERGY L.L.C.
- Address: PO BOX 938
- Phone : (903) 983-3013
- City : KILGORE
- State : Texas
- Zip : 75663
- Alternate Phone :
- Texas RRC Number: 347239
[ad-1891419]According to the Texas Railroad Commission, HALO ENERGY L.L.C. has Texas Oil Operator Number 347239. Many companies listed as operators with the TRRC are Oil and Gas Exploration Companies in Texas. As an Oil and Gas Operator, HALO ENERGY is listed as having an involvement in the Texas oil industry through operations, exploration and/or production of crude oil and natural gas. Representatives of HALO ENERGY L.L.C. can be reached at (903) 983-3013.
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Permalink Reply by nc man on
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Thank you, Paul for all the info.
I appreciate all the time you took to do that for me and all the rest that might need these pertainant details for Halo.
So, Halo is like an Ascent, Shell or any other O/G company, maybe just on a smaller scale?
That is how I understand you.
Will wait several weeks and then if there is no call from them, maybe we can give them a call and see what is going on.
Very interested to hear what offer they will present to us.
Thanks to all who has helped me out with all my questions throughout this time on Marcellus.
Understand more than I did at the beginning of this "dream" journey I started on in Nov. 2011.
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Are you sure its not Halo Land Management? -
They are registered in Texas but list an office in Canton and their founder is listed as Dustin Goldston, who was a former land supervisor for Chesapeake in Ohio.
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Permalink Reply by Jefferson on -
We are in same situation. Purple started and got a call that halo would be contacting us. Have not heard from halo though.
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Permalink Reply by Doc on
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Purple is still in the game as of this morning. We just received a copy of their lease amendment offer. Extend primary term from 5 to 6 years with no payment indicated. Probably left for individual/private negotiation. Then agree to annual payments of $500/acre per year on a 1 year basis. Total of 4 years. BUT, also agree to delete Warranty Title from agreement, weaken Pugh clause, weaken language related to definition of start of operations and agree to language changes about which document prevails in language conflicts between various documents. I don't see much that benefits or protects the landowner.
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Permalink Reply by bo boboski on
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Just say NO!
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According to an attorney that I spoke to, the extension from 5 to 6 years is just that, an extension, with no additional lease money. Then a year later you will start the 7th year with the $500/acre.
I agree, everyone needs to say no. Everything is negotiable, but this initial offer is insulting.
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RIGHT ONE, BO!!
I MEANT RIGHT ON,BO!!
JUST SAY NO IS RIGHT!!
We MUST stick together.
STRENGTH IS IN NUMBERS.
WHAT ABOUT HIRING AN ATTORNEY, ADVICE US/ASCENT lessors,AS TO WHAT IS FAIR/NOT AND WHAT HE SUGGESTS WE DO OR CAN DO, IF WE ALL JOIN TOGETHER!
AND SPLIT THE COST OF HIS FEES?
My brothers and I have used a great o/g attorney, Daniel Hyzak, with the Reminger Co.
in Columbus, for another o/g matter.
Just throwing this out there.
nc man
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Permalink Reply by Doc on
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That is also my read of the language. Since most of us would never accept these terms, they have choices to try to entice people to sign:
1. Increase the amount per year for years 7, 8,9, and 10
2. Negotiate an upfront paid up lease amount for the 6th year.
3. Some combination of the above
They win if they ultimately pay less than the full amount under existing agreements.
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Permalink Reply by Jefferson on
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When the purple guy called me he said he was just changing his work area to southern Ohio. We live in northeast Ohio but own land in southern Ohio. I think they are using Purple to see if they can get people to bite at the low ball offer. They seem to be offering everyone the same thing because they were weakening the same terms as Doc stated for us. Our lease is written that it can automatically renew at same terms, bonus money etc. I'm unsure why they think I'd sign for less than what we did the first time. I really think they are trying to trick some into signing so they can save cash. We just need to to stay strong and say no!
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