Who's leasing in Noble

I have live out of state so I don't see what going on but do have 45 acres in Elk township to lease.

I am looking for names of Companies to contact. Is there any drilling going on in Elk township?

Thank You.

Views: 789

▶ Reply to This

Replies to This Discussion

Permalink Reply by Philip Brutz on November 8, 2013 at 5:56am

You could use the ODNR Oil And Gas well viewer to keep track of drilling in your area.

http://www2.dnr.state.oh.us/website/dog/oilgasviewer/index.html

Permalink Reply by The Hiker on November 8, 2013 at 10:50am

Magnum Hunter has a lot of acreage in northern Washington county and some in southern Noble where Elk is located, so I think they would be a good place to start.  During their company presentation I remember them talking about adding acreage.   No drilling yet, but Magnum Hunter is trying hard to get something going so they can take advantage of all the acreage they have leased.   Consol has a lot of acreage in Noble and they would be my #2 choice.   Best of luck.

Permalink Reply by Art Tripp on November 8, 2013 at 12:15pm

You might check with Landowners Leasing Group.  They had several meetings throughout SE Ohio in late October and are organizing to represent landowners in negotiating leasing (and also mineral sales).  We haven't had much luck in obtaining a lease for our 103 acres in Guernsey County on our own and after contact (and attempted contact) with several O & G companies, we signed with LLG for representation.  The more parcels they have, the better position there is to negotiate.  They are concentrating on Harrison, Belmont, Guernsey, Monroe and Noble Counties.  Their website is http://www.landownersleasinggroup.com  Good luck.

Permalink Reply by The Hiker on November 9, 2013 at 1:22am

Sounds like LLG is casting a pretty wide net of "concentration" lol....

Philip:  If your acreage is in an area the oil companies have existing acreage and are looking for more to round out the blocks, etc...then they will show interest.

Art;  What is the price to join in with LLG?   Royalty percentage?  Portion of signing bonus?  No cost?  Can you bail out at any time, or do they lock you in for a defined period?

Permalink Reply by Art Tripp on November 9, 2013 at 2:19am

The rate for LLG is 5% of the signing bonus for over 100 acres and 6% for under 100 acres, they take nothing off the royalties, and the commitment period is 6 months.  East if I-77 they have been acquiring leases with a signing bonus from $5,000 - $7,200 per acre and a royalty of 18% - 20% Gross (much better than net).  On some leases they have also negotiated that the O & G company pays LLG's portion.  They are also geared toward the landowner interests (financial and surface protections) verses the O & G company standard lease which can contain more of their business interests first.

We have leases in both Carroll & Harrison Counties from 2011 for a smaller bonus and net on royalties (which many companies try to do).  While we tried to obtain a better lease we were pretty much in a take it or leave it position with limited size (of which a landowner group can often negotiate better with more parcels / acreage).  Our Tuscarawas County parcels are presently HBP from years ago.

Given that it can be best to have an attorney review a lease before signing, I feel it can be better to have the lease negotiated with landowner interests in up front.

It doesn't hurt to try working with the O & G companies directly and if you obtain a satisfactory lease that is great, but if unsuccessful a landowner group or other representation can be a resource worth considering.  LLG is associated with a combination of legal, financial and real estate professionals and have much more of a resource and knowledge base than most individuals alone which can oftentimes be a plus.

Good luck!

Permalink Reply by bo boboski on November 9, 2013 at 5:31am

6% is AWFUL  high, unless they can get you 25% of gross sales,& no market enhancement clause. just saying. Especially inGuernsey/Noble/Monroe/Harrison counties, or the "little pickle"!

Permalink Reply by Art Tripp on November 9, 2013 at 6:01am

The 5%-6% is one time on the signing bonus and LLG gets nothing on the royalties.  Considering the best I have now in Guernsey County is $0 bonus & 0% royalties and that word is AEP is offering net on the royalties and not gross (and has not returned any contact I've made with them), and I haven't had success with other area O & G companies, I'm comfortable having LLG for representation.  Even if I were to sign an O & G company lease, I would still want to have it reviewed by legal representation and more than likely will find it like most standard leases geared more toward the company than the landowner.

Each individual, company and circumstance is different though and it's always best to do what's best for whatever conditions you're dealing with.  As with all things, times are constantly changing which can be for the good or the bad - just looking to get as much good as possible on this end and sometimes there can be a certain price to pay for it.

Permalink Reply by Philip Brutz on November 9, 2013 at 6:52am

We signed with Gulfport 2 years ago.   Now we are surrounded on three sides by Rex and on one side by Eclipse.  If I had waited six months I could have signed Rex and been part of the J.Anderson well. 

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service