Wetzel county WV
Thanks,
Dan
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Replies to This Discussion
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Permalink Reply by jason irvine on
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We're in 250. I wish more would happen and maybe it's just me but activity seems to slow alittle. I will say all the hotels are full with white pickups so there still here. I always want more.
I think wetzel.and tyler and even Marshall have issues because it's remote. The property I have is and for hunting. Alot of people around me are hunting camps. We all bought it to get away. I think that is the problem.
The roads and bridges are old and small there are no big interstates. There are also no water lines and access to large pools of water. The issues amount to slower progress.
But I do think it will get better. All those issues are slowly getting corrected deeper and deeper in the woods. The good marcellus wet gas and recent large utica wells will not hurt the push any. Keep your fingers crossed.
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Permalink Reply by Dan on
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Thanks for the update Jason. The property is just outside Littleton WV. I was approached to sign a lease for $4600 per acre.
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Permalink Reply by jason irvine on
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That isn't bad. I assume that is all layers to the center of the earth. How about royality.
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Permalink Reply by Dan on
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Have not read the agreement for specifics. Royality is 18%. Any advice on what key items to be aware of in the contract?
Thanks
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Permalink Reply by PETE on
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Dan the marshall county group was signing this month for 6500 for the Marcellus and Utica only and 4500 for the Utica only all @ 18%--I have a copy of the lease but chose not to sign if I can not get 20% royalty then I`ll save it for later!
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Permalink Reply by Dan on
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Do they negotiate? I was under the assumption of take it or leave it offers.
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Permalink Reply by PETE on
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that's about what it was--take it or not--those lawyers were racking up about 330 bucks an acre for the signing , about 11000 acres so they really made out on that one--it was a 5 year lease with the right to renew for 3 more years at 3/5 of the original price too !
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Permalink Reply by jason irvine on
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All of them. Read the prior posts. Alot of people complain about different clauses. Post production costs seem to be a big issue. You can find a few good leases on the net as samples. If you talking about alot of money a small investment in a lawyer to review wouldn't hurt. Good luck. Remember this could effect you and your childRen for years to come
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Permalink Reply by Nancy Mosley on
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Hi Dan,
Here is the link to the Wetzel County group. Maybe people there will have the answer.
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Permalink Reply by Barry D on
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Just a personal point of view:
The courthouse in New Martinsville is packed with abstractors
They aren't there for fun.
Time will tell and your patience will prove profitable.
It appears good things are heading to Wetzel County, WV.
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Permalink Reply by Dan on
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I have zero experience with this. Any idea or guess concerning a monthly royality check for a well on twenty eight acres with 18%?
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Permalink Reply by DONNA M SELLERS on
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Dan, I have leased acres on Long Drain about half way between the school and Littleton that before my mom passed away we leased to Dominion which is now Statoil. 7 yrs ago mom leased for 10.00 an acre. we knew nothing then. Since then even though my part of the family has paid taxs on this 55 acres forever going back to my grandfather who would be in his 100s now, title searchs turned up other heirs. So I ended up with 15 acres. Now almost 2 years ago(my Mother has since passed) Statoil bought our leases and I accepted 1,500.00 an acre. I was still stupid to all this. So 18% is good and 4600 sounds great to me. They still haven't drilled on me yet. My advise read read read this site it is great go back and read old posts...As far as royalities go don't spend it before you get it!!!!! to many variables...If I may ask what company is wanting you to lease?
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