Oil and Gas Leases in Litchfield Township

Hey, everybody,

First time adding anything to the discussion, so please be patient with my lack of knowledge.  I own 25 acres in Litchfield Township, Bradford County, but I live and work in Philadelphia, so I can't see what's going on up there.  So my question is, Has anyone in Litchfield been approached by a landman about signing a lease, and if so, could you share some of the details?

e.g terms, length of lease, whether or not you needed a lawyer, and, if so, who did you choose.

 

Thanks for any help you can provide me

 

Brian

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Replies to This Discussion

Permalink Reply by Deci Ruiz on March 15, 2011 at 7:59pm
Hi Brian, My husband and I own land in Bradford county Herrick township .We live in NJ and so our info is not the best. We signed our lease almost 2years ago (we got 2600/15% 5 years )at the time we thought it was a good deal. We have heard better and worse so I guess we did a ok. Chesapeake and some other companies are buying and selling the leases at a higher price. I'm not sure when (or if) drilling will be done. What we have learned is have a lawyer who knows about o/g. We do know Bradford is very active and we hope the checks start soon (:
Permalink Reply by Brian Ulrich on March 15, 2011 at 9:12pm

Deci,

Thanks for the response, it's kind of hard when you don't live in the area, trying to keep up with everything going on. I didn't think that the offer was bad, and I've seen some people blogging on this site for the past year or so, and it seems like a lot of it is "I heard so and so signed for $5750/acre with a 20% royalty, but I can't verify it.  Mike seems to be the only one responding who has on hand knowledge of what's going on, and I appreciate all he has shared with me.  Anyway, thanks for responding and good luck with your land and your lease. ($$$)

Brian

Permalink Reply by scott brion on March 23, 2011 at 12:18pm

Brian,

 

I am a local  investor in oil & gas rights and provide advisory services to land owners.  Red Sky is a firm that often represents Chesapeake in Bradford county.  It sounds like your property is close to or maybe in a proposed drilling unit.  Its very important to understand the on the ground situation when negotiating a lease as it can mean the difference in achieving the best terms or having to settle for the first offer.   If you are in a drilling unit then you may have significant negotiating leverage.  In addition you may want to contact competing drilling companies who may have an interest.   I'd be happy to discuss the specific items that you might want to look into if that would be of help. 

Permalink Reply by David on March 25, 2011 at 3:13pm
Find a good oil and Gas lawyer. If your property is in a production unit or in a proposed unit you have a very good negotiating position. Get a good lawyer and expect to pay a pretty fair amout for his/her expertise it will be well worth it in the end.
Permalink Reply by Brian Ulrich on March 26, 2011 at 10:36am

David,

Thanks for the info.  I'm going to be checking things out over the weekend.

Brian

Permalink Reply by MJM on March 26, 2011 at 3:00pm

Brian, Let me know if you need any more info. I live on Cotton Hollow Road.

Regards,

Mike

Permalink Reply by Brian Ulrich on May 21, 2011 at 8:30am

Mike, Have  you heard of any wells being drilled or a time line of when they plan on starting.  Had to take care of some personal business that took longer than I thought.  Red Sky Land changed landmen on me and now I have the same offer as before, but with a different landman.   Went up to see the property a couple weeks back and couldn't stay long, so I didn't get to speak to any of the neighbors.

Brian

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