I received a letter from a landman representing BOP interested in discussing a lease on my land (60 acres in Fairview township).
I was in a lease with Chevron until last year when they decided not to renew the lease.
Has anyone had a lease with Edgemarc or dealings with BOP? Are the good to deal with and does anyone know what they are currently offering in the area for the per acre bonus and royalty?
I recently heard that a landgroup that was in the works fell through, because the organizing company was asking too high of a percentage to be reasonable.
What area? I am in Washington Township...Near Old Brick Road and the Stewart Farm.
I’m in slippery rock township off of rte 8 close to the old stone house.
How did you make out with BOP/Edgemarc? Are they still leasing at $2000 and 14%? I haven’t heard much recently, thanks.
My lease indicates the same numbers.... post the cost of production and transportation.. A lot of other concerns in the lease regarding the landowner rights. Nothing there as protection.
I've heard they are not negotiating these leases. There is a sales meeting in Karns City next Tuesday evening.
Meantime tomorrow I will speaking to my attorney, but I don't see what leverage I have as owner of 32 acres.
32 acres in Washington twp.
what's the next step then??
I’m not sure, if gas prices keep going up I would think more gas companies would get more aggressive with leasing, some companies already have years of acres tied up and are only leasing where they need to finish up a unit. I know Edgemarc does a lot of work in Butler County and I think they are trying to lease as much as they can before prices go up more or another company comes in and gives them some competition. I don’t want to tell you or anyone what they should do, everyone’s situation is different. Good luck with whatever you decide.
I have an attorney...but I live in Pittsburgh and am trying to figure out whats going on.
Yes, they are putting together the next land unit for drilling in 2020. They just finished one for drilling summer 2019.
Just looking for some sound advice about how to determine if I should sign with lease adjustments, or wait for some competition to jump in.
I talked to a couple people and they talked like they weren’t paying more then the $2000 14% at this time, most of the time nobody gives you the best offer right off the bat, they usually leave room for negotiation, I wouldn’t be surprised if you could get $2500 and 15% if you tried? I’m sure you could also change some other things in your lease, we can’t let these guys walk on us just because leasing options are limited at this time, if nobody signs their lease then they will have to improve their numbers and lease terms. All imo of course.
Just remember, they need us more then we need them, if the landowners don’t sign, they can’t drill. Lots of people are afraid of missing out on getting a lease so they just take whatever they are offered and sign away, more people need to tell them to get lost.
Thanks James...trying to get a feel for the climate up there in terms of signing. My immediate neighbor who is a resident plans to sign cause he needs the money. Neighbor beyond him is looking for better terms, but he doesn't live there either. Beyond that I don't know what folks are planning to do.
So....I appreciate your thoughts.
Last time around we had BCLG negotiating a couple thousand acres...currently, there is no land group.
Edgemarc is the only game in town.
Tomorrow my attorney...but not much chance of negotiating on my own.
Edgemarc is the only game in town right now, that could change overnight. Good luck!