My sister and I have 40 acres off of Rhinehart Rd. We have a lease and nothing is happening. We have heard that there will not be anything happening here and we have heard that there is. Does anyone have any idea if Madison township is doing anything. Thanks Vicki
Hi Vicki, I too have land in Madison Twp/Guernsey County off of Brush Fork Road. I'm wondering the same thing - are they ever going to drill. My lease expires in about 14 months and would have no problem renewing the lease and collecting another check but I too would like to know what's going on. I don't live on the property so I can only ask this forum like you have.
Can anyone provide some creditable insight into what's going on in Madison Twp?
Still waiting on any one who can help on Madison township information. Thanks
I have a lease with AEU that expires in about 14 months too. Originally with Shell we signed for 5000.00 an acre and 20% royalties In Oct. 2011. I think that as long as oil prices stay low it will hamper most of the drillers to do anything but from what I understand, AEU will not want to give up any of the acreage they have leased in the Utica. So, we still have hope that they will renew our leases when that time comes to avoid someone else capitalizing it. But as far as drilling and unitizing us in Wills and Madison townships it depends on the investors and are they willing to drill when prices are low. Now, with the prospect of Iran flooding the market with Islamic oil as the sanctions are lifted, due to our beloved POTUS Obama nuclear deal with people who hate us and want all of us dead the price of oil will drop even farther. If we lift the export restrictions that are in place so we can sell more of our oil and gas over seas to Europe and other countries it may be more profitable to drill.... I guess? :)...
My nephew had 140 acres leased to Gulfport. His lease ran out at the end of december and they did not renew.
Don't give up hope... When Oil prices go back up and they will... It will start the ball rolling all over again. What county/ township is the 140 acres in?
Guernsey Co. Madison township
Ok if they did not renew, tell them you want a 'release' of the lease agreement filed in the court house immediately... That will set you free from that agreement and then you can negotiate another lease with a different company. Get a 'release' as soon as possible.... If, or I should say when a war breaks out in the Mid-East the price of oil will sky rocket and drilling around here will pick back up.... Keep an eye on Iran and Saudi Arabia.... They hate each other.. :)