What's going on with Middlesex Township in Butler County?

Is anyone in the group knowledgeable about current events, particularly near Overbrook Road?  What type of unitization is in process for what well?

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Permalink Reply by Philip Thackray on December 31, 2013 at 10:26am

In the Rex network, Mark West (actually Markwest) owns EVERYTHING except the equipment on the well pad and the well itself.  All the pipelines, all the cryogenic plants all the fractionators down in Houston PA.

Big problem!

Phil

Permalink Reply by RB on December 31, 2013 at 10:38am

I looked them up, posted on Lew's notes.  Middle man bad news is right.  I just wonder if  total cost is proportionately passed on.  Companies don't pay more if they can do it for less themselves.  That's why mergers and acquisitions go on.  And REX should be responsible for 80% or so.  Fishy!

Permalink Reply by Philip Thackray on December 31, 2013 at 11:03am

RB

(Maybe) not fishy really, Rex sold out because they needed the money.  Now Markwest has Rex and the landowners by the you know whats.  Of course Rex may have some secret deal with Markwest to charge them less to transport Rex's share of the product and charge the landowers share more or some other shady deal.  I have no idea.

But the minute the gas leaves the pad all the transport, processing and fractionation are Markwest.

Phil

Permalink Reply by GM on December 31, 2013 at 10:13am

LewPa, was your per acre net based on a whole month of the well pumping? They only pumped out of it a few days when it first went on line.

Permalink Reply by LewPa on December 31, 2013 at 11:10am

GM

The per acre was for the whole month of Oct, should have pumped every day but don't know for sure. I was told the check for Sept was for a half a month so it was hard to get any vibes from it. The good thing is the prices are going up! LewPa

Permalink Reply by RB on December 31, 2013 at 10:25am

LEW, FROM MARKWEST WEBSITE:  LOOK FAMILIAR?  PHIL, I LOOKED THEM UP

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MarkWest Energy Partners, L.P. (NYSE: MWE) is a publicly traded master limited partnership formed in January 2002.  We are engaged in the gathering, processing and transportation of natural gas; the transportation, fractionation, storage and marketing of NGLs; and the gathering and transportation of crude oil.

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Permalink Reply by Philip Thackray on December 31, 2013 at 9:35am

Lew,

 

Rex is bad.  That Stebbins unit is quite odd.  It looks like even Rath got shafted.  Stebbins isn’t even in the unit!!

I don’t know how the gathering cost is calculated.  I think it is a per foot fee in your case charged by Mark West who owns that pipeline.  The per foot fee probably applies all the way to the plant.  Hopefully, over time, some picture of how these deductions are calculated will emerge.

The Rex stubs are a nightmare to read.  It is not clear what the product is and what all those deductions are.  No use to “guess”!!

Sounds like your deductions are worse that I calculated a few years ago.  Mark West now owns ALL the midstream and is probably charging Rex more than Rex charged itself back then.

 

In my original Phillips lease I had a clause that said I had to approve the Unit.  I traded my approval for a higher royalty.

 

I have an old Rex lease on one of my properties across Stuckey Road from you.  So I am very interested in what Rex is doing.  Keep us informed.

 

Phil

Permalink Reply by LewPa on December 31, 2013 at 11:16am

Phil

A lot of the Rath farm is left out, I would presume Rex is going to drill on part of it and make a new unit beside the Stebbins unit (WEST SIDE)  Did you acquire the old Ferguson farm? LewPa

Permalink Reply by GM on December 31, 2013 at 1:00pm

That presumption makes sense now, a Rex unit from Rath and the old Ferguson farm in the north to include all the properties down the east side of Critchlow road.

Permalink Reply by LewPa on December 31, 2013 at 4:08pm

GM

I think we're talking about two different Rath farms. I'm talking about the big field at the corner of Meridian Rd and Beacon Rd across from the soccer fields. I think your talking about what was the Bob Rath farm at the end of Beacon at Brownsdale Rd. I don't think they are leased or interested. It does butt up to the old Ferguson property. LewPa   HAPPY NEW YEARS

Permalink Reply by Philip Thackray on December 31, 2013 at 4:46pm

Lew, GM

Yes I bought the Ferguson Farm in 2010 which came with an old Rex 10 year lease.  Charles Rath property (Beacon x Ribold) is now with Rex.  All of the Succup Family property (Brownsdale Corp) 300 + acres is also with Rex.  Many smaller properties with Rex as well.

Phil

Permalink Reply by LewPa on January 1, 2014 at 5:09am

Phil

Dale Ferguson was a great guy and one helleva great carpenter, small contractor that could do any project, did a lot of work for me and a lot of the neighbors!   RIP  LewPa

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