Thanks for the info, we were not informed of this deal. Maybe the statement Gulfport is not going to drill is true, because Axebridge is doing the drilling. I will check my contract.
The assignment from Gulfport to Axebridge is just for an overriding royalty interest, not the whole lease. It's 1/3 of the difference between 25% and existing burdens (landowner royalty). So if Gulfport signed everyone at 15% then Axebridge would get 1/3 of 10% (25%-15% LOR=10%).
I wonder how much Axebridge paid Gulfport for that? I assume Gulfport did this for some drilling cash?
Couldn't have been much more than $1,500/acre according to my math.
That is a pretty good return for Gulfport then for that %.
I talked with Gulfport yesterday. They plan on drilling in all of their units by 2015. Good news for all of us that have leased to them.
Has anyone heard what is going on with those who signed with the Lenseman Group?
I just started reading these posts today, a bunch of Amish and some others signed about two months ago across the street from me. We are in guernsey but right up against the belmont line. They told me they got $5250 / ac and 20% . i have a good friend who signed with them so i know its true. i got the name for any of you who want it. Carrizo Oil 337 354 3309 . i have nothing to do with them, im leased with Oxford for ten bucks.. maybe it will help somebody...
Wonder how land owner friendly there lease is ?
Yea , that's good news for them .
hello Robert what part of belmont county does this join with .