Lensman & Associates is forming a group in Belmont County. Anyone with acreage in Belmont County should contact this firm quickly if they are tired of waiting for an offer. They will submit bid packages October 10th and finalize bids on November 5th. They are negotiating to get the full bonus before December 31st so it applies to 2011 taxes. Taxes are almost guaranteed to increase in 2012 for both federal and state. With the recent announcement from Chesapeake about the production of the well in Harrison County, this offer should be fairly good. The XTO deal a few weeks ago is looking like 19% on the net royalty, not on the gross and $4950/acre bonus. The new deal should be better than what XTO was offering.
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re:mike
My land is in Pultney Twp.
As a member of the SMITH-GOSHEN LANDOWNER Group, I can not feel more comfortable with where we are in the lease negotiation process today. The postponement of the offer period in September is driven by large oil and gas companies, not because of lost interest, but related to the awareness that Belmont County is sitting right on top of what could be one of the richest unconventional oil/gas/liquids plays in the country. Eastern Ohio's UTICA shale is getting National News coverage almost on a daily basis, Big Oil is buying up smaller players, and better than expected productions numbers are being released.
These big oil companies knew that the numbers they were prepared to present, would not be enough to compete and secure an interest in this play given the sharp increase in value of our acerage. These companies have spent the last few weeks finalizing their numbers, negotiating terms, and finalizing bidding strategies. There is more interest today than ever before.
It is evident from our last meeting that SMITH-GOSHEN group is ready to go. The committee has the full support of its membership and our lease guidelines have been discussed and negotiated.
Do not be mislead by the many "landmen", "consultants", and "attorneys" into thinking that Oil Companies are loosing interest in our county. The only motivation for these people are to get you to sign and lock in their millions of dollars in commissions.
This so-called new group is not the first and certainly will not be the last of the "experts" coming to our county to help us poor landowners, who I am sure have been begging for their help, while taking a 4-7 Million cut for their three week effort.
In January 2011, I couldn't get an attorney in the N.E. Ohio to return my phone calls because Belmont County was outside the area of interest. Today, I can't keep them away with a fly swatter.
Adam here is the address & phone # for Lensman
4571 Stephen Circle NW
Canton Oh 44718
330-497-8274
web page www.FO-FM.com
thanks Tom. I don't know why these people promoting their groups never leave contact info. I have to be Sherlock Holmes to track sheet down.
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