Replies to This Discussion

Permalink Reply by Brett on January 22, 2020 at 12:40pm

My lease was an eight year with a bonus to be paid annually, each year for eight years. The first three years were paid consecutively in January of the first 3 years. So, I received 3 checks. one each in 2017, 2018, and 2019.

Permalink Reply by scott peterson on January 22, 2020 at 12:47pm

Interesting, mine is an 8 year lease with bonus paid annually year 1-4 and supposedly guaranteed.  I wonder if they can cancel the lease before year 4 and weasel out of payment #4.

Permalink Reply by Brett on January 22, 2020 at 12:51pm

i don't know without looking at the lease language. I had a 3 year guarantee but I think that mine only meant that I would still get 3 years of bonus money even if they drilled in one of the first 3 years.

Permalink Reply by scott peterson on January 22, 2020 at 1:01pm

pretty sure that's the way mine reads for the 1-4 payments.  I sent Bill Williams at K W G & D an e mail he drew up the lease 

Permalink Reply by Brett on January 23, 2020 at 3:29am

Is your property in Oxford Township?

Permalink Reply by scott peterson on January 23, 2020 at 3:31am

Millwood Twp, Rob.

Permalink Reply by Jan on January 23, 2020 at 5:08am

From the Guernsey County Recorder's Office

Attachments:

• 202000000212.pdf, 105 KB

Permalink Reply by Adam Galbreath on February 26, 2020 at 4:52am

I just got off the phone with KWGD who worked my lease with Eclipse/Montage.  Eclipse/Montage let mine expire after the 3 year guarantee (without notice).   Anyway,  has anyone been contacted by Ascent or any other firm who is looking to pick up the Eclipse/Montage expired leases? 

Permalink Reply by MA on March 10, 2020 at 5:35am

To Adam:

Same thing happened to me - Winterset/Guernsey County. Eclipse/Montage let mine expire after the 3 year guarantee as well. I happened to contact Eclipse/Montage last week March 5, 2020 and they emailed me back  that they were indeed terminating the contact after the three guarantee.

Here is what I found out: 

1. We are opting not to make any more delay rental payments. Per the lease that he signed, you are correct only the first 3 payments were guaranteed. Years 2017,  2018 and 2019 
2. Yes, we are allowing the lease to terminate. 
3. I do not believe there is anything in the lease requiring us to give notice that we are allowing it to terminate. Per the paragraph in the addendum to the lease titled Recordable Release, “….upon written request, Lessee shall provide Lessor with an appropriate release or discharge suitable in form for recording….” If you would like us to file a release, please let me know, and I will send a copy of the recorded release to you as soon as we get it back from Guernsey County.
4. We are not producing in that area at this time. When the lease was taken, our planning team intended to develop the acreage held by the lease to the fullest of their ability. Unfortunately, our development interests and plans have shifted over time. Due to the decrease in prices in the market, management has significantly streamlined the areas we will be developing. Unfortunately, the area where his lease is located is not an area they are interested in developing at this time. By recording a release, if another company is interested in that area, then they will know that acreage is now available for leasing.

I have asked for them to file the release with Guernsey County so I can look elsewhere.

Does anyone have any information on who might be leasing the area in 2020? I take it that Adam and I are probably not the only ones who are free and clear to lease. By the way, some who think they might be under contract might no longer be under contract as I found out by inquiring.

Permalink Reply by bo boboski on March 10, 2020 at 10:47pm

Thanks for the post/info. Me ,and mine,neighbors have all gotten a release at the recorders office and in writing. If oil and gas prices ever again get up to where producers can drill and make a profit. we will surely be able to lease again. That doesn't look too promising for the near future. 

Permalink Reply by Brett on March 12, 2020 at 3:26am

If the crackers ever come to fruition, there will hopefully be a resurgence in the wet gas plays. Guernsey is wet gas. I'm hoping for the best.

Permalink Reply by Brett on January 23, 2020 at 6:02am

Jan, Very interesting. That would appear to explain a lot.

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