What are new leases or renewals in Belmont County/Somerset Twp getting currently?
Our family's lease is up for renewal at the end of 2017. Eclipse is trying to negotiate early and offered $1260/acre signing bonus guaranteed for 2 years. If no drilling after 2 years, bonus of $1260/acre for each year after not unitized/drilled (up to 5 years total).
My family recognizes the market has changed, but it seems as though Eclipse is low balling us.
We'd like to hear terms of what others in our area are getting.