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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Permalink Reply by nc man on
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Update for those interested-----
Rep from Ascent returned today to my brother's home.
This was the 2nd man, from Purple Land, representing Ascent, that came today.
The first rep offered the $1,000 an acre for the 1 year lease, approximately a month ago.
My brother's life was tied up with a personal dilemma and could not get involved then.
Wife's health problems and contacting the other 2 of us on the lease, meant some time on his part.
Today, the rep offered $500.00 an acre for a one year lease.
nc man
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Permalink Reply by lance on
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So does that mean our minerals are becoming way less valuable than they were just since Aubrey died? I smell a scam somewhere
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Permalink Reply by lance on
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500.00 per acre for a 1 year lease? That sounds fishy....... Oil prices are inching their way back up. From a low of around 26.00 now at 34.00.... and rising.... But natural gas is still down.
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Permalink Reply by Barry D on
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lance,
Of course it's fishy. The landman is playing a game of chicken to see who blinks first.
I certainly don't see getting the same per acre bonus money like what was paid 2 years ago, but $1,000 an acre is silly and $500 is an insult.
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AMEN Barry!!
Bo, they didn't say that if we didn't accept the $1000 an acre, the 1 st time, then the next time would be lower.
That is just what happened. Offer halved in a matter of weeks!
By the time my brother "got his house in order" and had the time to talk, to Purple Land ,the price of the offer, for the 1 year lease had dopped by half.
My brother spoke for the three of us when he potlitely stated, to the Purple Landman, that we were not interested.
We have decided to wait it out, even if the lease runs out.
Someone else will be interested!
No thanks!
Thanks all for joining in on the conversation.
Good point about us being the guiney pigs.
Hope we do you proud, that are with Ascent, too.
We feel they, Ascent, will come back knocking.
Will keep you updated.
nc man
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wrong thread
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Permalink Reply by bo boboski on
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N.C.Man; I recall that on Purple Lands 1st visit, when they offered $1000. 1 year.that they threatened you with the possibility that if you don't accept,the next offer will be much less. I think, since you are one of the 1st contacted about renewing thousands of leases expiring later this year, and since you post you dealings with them on this site,that they are using you as an example for when the start offering all these others the $1000. Those others may want to take it,if they feel the next offer will be 1/2 that. You may need to haggle it out with them,give them a counter offer. What you settle for may be the standard they use for everyone else around you! Good Luck
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Don't sign. In Belmont county the same company is trying to trick you into thinking that this is a good deal. You have to read it closely, since the language is tricky. For our deal they they are redefining the deal to a sixth year, (no additional money), then $500 for each additional year.
My guess is that they hope to get pads started and then get you Held by Production, so they don't have to pay you, and then stop or slow construction until the market / crackers are in place. Work with your neighbors to get a better lease from them or someone else.
As with all O&G and pipeline offers, they start offensively low to get the naive and as they reach resistance, the price goes up.
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Permalink Reply by Jefferson on
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I kinda think they are trying to trick us to signing lower cause of low prices etc. many leases renew automatically with the 5 plus 5 leases. Think of all the money they save if they resign us early at lower prices. We all may be surprised with a check at the end when leases are actually a lot closer to expiring.
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Thanks for the input , Jenni, and here's hoping, Jenni!
Would love to hear Phil and Evan's take on all of this, if they have been reading this particular post.
What you might think is an honest offer from Ascent, etc.
nc man
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I'm on your side. I'm a mineral and small land owner (7 acres). We have to learn from the past. In early February, my neighbor and I was offered $25 a foot for a pipeline, two days later it went to $35. (the line would go on mine or theirs, but not both) We worked together behind the scene, but negotiated separately. We both said we want $100/ft and prepay second line. Company said they can't pay that because of low oil price, not in budget...
Three weeks later, my neighbor is signing an agreement for $100/ft., second line prepaid and it includes several other extra requirements that the neighbor's lawyer recommended. The company is agreeing to all without any push back. I will get a very nice gift from my neighbor. I could have undercut my neighbor, but that is what the pipeline company wants you to do, so the price gets bid down.
Not that it matters, but oil is up 30% in less than two weeks. Will it go to $25? Maybe, but that doesn't matter. They want to get you signed for the long term.
Get your neighbors to start at $8000 and negotiate from there. Let them laugh at you and watch the price eventually go up. These companies are going to make (profit) millions on the well.
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