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 lance on February 21, 2016 at 2:17am

Thanks Bo, I went passed that site Friday. I didn't know it was ascent though. That's good news...

Permalink Reply by Pam on February 23, 2016 at 9:55am
We are in the J Bar J well, which is Ascent. We got our division orders last week and received our first royalty check yesterday. So they are still active in Guernsey County.
Permalink Reply by lance on February 24, 2016 at 1:53am

Hi Pam, what township is that well in? I'm in Wills...

Permalink Reply by Pam on February 24, 2016 at 3:38am
J Bar J is on Oxford Rd in Oxford Township.
Permalink Reply by bo boboski on March 8, 2016 at 2:01am

 Good news! PDC's rig is drilling at the Neff pad. Salem rd. Eclipse is setting up a rig on the Yost pad. Oxford rd. Purple Hayes on Rose Hill rd. is being fracked. Price of oil getting close to $40. Maybe Ascent will be headed back here soon.

Permalink Reply by nc man on February 29, 2016 at 10:38am

Ascent--------Approaching us 8 months before the lease expires.

Do you think an attorney is needed, if Ascent offers a lease for a year, that is 1/5th of the original 5 year lease?

1/5th or their offer for a one year lease is------$1,000 an acre + 20% royalties.

Same lease but just for a one year lease.

Do y'all, out there, feel we should accept this?

Would appreciate any input or opinions.

nc man

Permalink Reply by lance on February 29, 2016 at 12:28pm

Hi N.C. man, where is your property located? County/township? Did they contact you by phone or mail or personal visit? My lease is up this year too but I haven't heard anything from them. I don't know if I'd take that or not. 1000.00 an acre for a 1 year lease. Is there a renewal clause in that one too? and did they make any amendments to the original lease? I would get a copy of their proposal and run it by an attorney just to be on the safe side. There may be some trickery going on there... The way things are worded could mean the difference between a little money or a lot of money in your pocket when the royalties start to come in....

Permalink Reply by nc man on March 2, 2016 at 4:03am

Hi Lance.

My brothers and my mineral rights(no land) are located in Guernsey County, Londonderry Twp.

A man from Purple Land Resouces, Canton, knocked on my brother's front door and introduced himself and presented the offer from Ascent about a month ago.

Timing couldn't be worse.

My sister- in -law had just had a spinal operation and was scheduled to have another in 3 days, so talking "shop" was the last thing on my brother's mind.

Told him to come back and indeed another man, different from the first, came by, without calling,and gave him the offer I speak of.

My sister-in-law had just came back home from her operation and very little conversation was exchanged that day, too.

My brother is to get back with him when things calm down with my sister-in-law.

I posted my question on what I have learned from my brother.

There are 3 of us on the lease so there is some differences of opinions what is a good offer and what is not.

Plus, the three of us are no where close to being as savvy, as you all are, about the o/g people we are dealing with.

We really need all the info we are getting from all of you all!.

I thank you all for the words that have been written since I have posted my asking for help in this decision.

I am listening and weighing them all.

Will update when I know something.

I am thinking hard on Jenni's last post.

It has been 5 years so far and no drilling!

So much to weigh in whether to agree with Ascent's offer.

nc man

Permalink Reply by bo boboski on February 29, 2016 at 3:49pm

Lance has some good advice, I would say, IF the lease hasn't been changed any,word for word, then I would take it. Its a win/win for you and ascent,they don't have to pay the full $5K per acre,and if they don't drill in a year,they can do another 1 year lease. Your win will be when you go to pay your taxes next year, about 1/5th less! At least you know they are interested in drilling close to you. But check it out, There could be some Trickery.

Permalink Reply by Jefferson on March 1, 2016 at 4:44am
They are trying to do this to us also but for a little less than we originally signed. Also trying to change the wording of Pugh clause and a few others to there benefit. We are not signing. There is some trick in here. If you sign the one year lease and its renews 5 yrs great. But if they drill in 1 or 2 years you loose 3-4 grand per acre. We are in jefferson county.
Permalink Reply by lance on March 1, 2016 at 7:23am

Thanks Jenny. Kinda what I thought was goin on... :(

Permalink Reply by bo boboski on March 1, 2016 at 10:02am

If they sign you up for one year,and drill within that year, wont you be getting royalties for the next 4 years?

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