WHAT IS ASCSENT RESOURSES GOING TO DO ABOUT THEIR LEASES IN GUERNSEY COUNTY?
I was just wondering if anyone had info on Ascent Resources. I have a lease that will expire this year. I have yet to hear from anyone. Just wondering if they're trying to find a buyer or will they let the leases expire, or what?
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Replies to This Discussion
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Permalink Reply by Laura on
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Does your lease have a 5 year extension in it? I would expect if you are near wells that they will pay the extension. IMHO
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Permalink Reply by lance on
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Hi Laura, yes my lease does have a 5 year extension in it. My property (22 acres) sit right across the I-70 from a pad that hasn't been drilled yet and a bout 3/4 mile from a producing well.
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Permalink Reply by 1xc6tw2xj1fwl on
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They are probably going to drill a well and not let it produce to give it the old "held by production" status
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Permalink Reply by bo boboski on
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I always thought that "held by Production" meant by "production",not by drilling,or by building a pad,or by obtaining a permit. The word means the well has to be producing. otherwise, it cant be HBP. Of course, each lease should have wording in it that addresses what the producer will have to get done to be able to hold the acreage. One guy said his lease states that all they have to do is build a pad on his ground,but that would not qualify to be called,"held by production" in my book. Held by pad,maybe?
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Permalink Reply by David Allen Lilly on
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I have a pretty good lease but I don't recall the clause concerning HBP. I have seen oil and gas companies abuse a very liberal reading of the law using virtually any step in the process to render a leased property HBP.
Of course what is right, what is law and what they can get away with are all different matters.
I saw the headlines about McClendon being in Argentina looking into drilling there and wondered if his company had a single rig running in Ohio right now.
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Yes. He is down there starting his latest and greatest ponzi scheme.
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Permalink Reply by lance on
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Ok, maybe that will be a good thing for us... If they don't reup our leases then maybe they will try to flip them to over seas buyers and recover some of their money. I can't see them just letting go of all these acres after spending so much to get them.... What are your thoughts on this Matt?
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Permalink Reply by lance on
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We got a very land owner friendly lease when we signed with Shell in 2011. Then A.E.U. bought it and now Ascent. So if they do try to hang on to these leases I look for them to make amendments and try to screw us that way. I would be satisfied with another signing bonus for the time being. What county are you in Matt?
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Permalink Reply by Finnbear on
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HBP means whatever your lease allows it to mean. Study the specific language in your lease to make that determination.
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Permalink Reply by G.H. on
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I would expect them to renew or HBP any leases that they can in eastern Guernsey. But I really don't know. So much has changed since the leases were originally taken. I would guess that any leases with a low signing bonus would almost certainly be renewed. Just my opinion.
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Permalink Reply by lance on
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I guess we should all just keep our fingers crossed and wait. It would be nice to get another signing bonus. We got the 5000.00 acre signing bonus I guess that was on the high side considering many of the others didn't get as much....
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Permalink Reply by bo boboski on
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Lance, Ascent is presently setting up a rig along I-70 just west of St. C. the Coleman property. The pad is really close to the interstate. Probably staying in the dry gas for now. At least they are still drilling in Ohio!
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