NELA ????
Just noticed at the Ashtabula Co recorders office, NELA has released most all their Leases. Does anyone know what is going on???
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Permalink Reply by Jim Janson on
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Supposedly, based on Halcon's comments about their northern Utica wells, and BP's supposed well results in northern Trumbull, Nela doesn't believe it can flip its acreage within the primary term of its leases. So, it is releasing the leases rather than hold the landowners hostage to them. Apparently those landowners will be getting letters explaining this in the next couple days. Don't know if this is true as it is secondhand, but that is what I was told by someone who had just spoken to Nela.
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Apparently the Utica isn't thick enough here. The test wells were duds.
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Permalink Reply by Craig Stull on
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Same thing is going on with NELA in Trumbull county!!
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Jim-- I didn't get that much detail, probably from the same source! Yes they are releasing land owners.
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Permalink Reply by elliemae82 on
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Has NELA ever made any deals in the past for anyone? Or was this a new group?
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Permalink Reply by Joe on
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Good question. I don't know. It does make me wonder if the shoe was on the other foot and could make my own deal. Would NELA release me?
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Of all the post I have read on this page, I find this one the hardest to understand.
I received many mailings from NELA, never found any of them attractive. Always seemed more like a high priced, high pressure flipper, than a landowners group. They wanted twice the commission, and a five year commitment. Sorry, If you want to tie up my property for five years, you will need to send a check.
What would cause a company with a business plan like this to suddenly release leases years before they are required to do so? After recording at the county, I not aware of any ongoing cost they would incur. There was the water testing. I not sure how that was paid for or when it was done, but if NELA paid for it you would think they would hang on to the end.
I can only think of a few reasons. 1, My understanding of what it cost to maintain a lease is incorrect. 2, Some government agency has found a way, and will soon implement a recurring fee on a leaseholder that does not require production. 3, They were or will be paid to do so. 4, They are truly a benevolent organization, and despite the cost to date are willing to free all lessors to sign with other companies. 4 scares me the most as it will require me to question my entire understanding of the universe.
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Permalink Reply by Joe on
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If I find out the reason NELA is releasing there leases in Ashtabula and I am understanding Trumble Co. also I would be glad to post the details. Until then I will consider it a blessing in disguise and hope for the best. I don't know who to compare the NELA contract with but they were going to charge 4% of the signing bonus.
I have exchanged information with a couple of others here. I am also interested in any constructive suggestions you may have to share. The best I can tell (unfortunately for me anyway!) is at this time no one is interested in investing in the area -
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Permalink Reply by Melinda on
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They released our lease....they said the oil companies are pulling out and that the technology is just not there. They indicated that they were approached, but refused whom ever they were approached by.....didn't say who or why. It was a brief 1 page letter. Now we need to sign somewhere else!!
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Permalink Reply by Joseph-Ohio on
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http://gomarcellusshale.com/group/ashtabula-county/forum/topics/ash...
Take the above link to another Ashtabula County post with more replies on this topic. -
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