Some true,some hearsay...Aubrey is looking for a site to build his regional office with a Cambridge address. Aep Utica is looking to drill a well behind the General store in Old Washington,early feb. .AEP is drilling now in Harrison co. Rice will be moving their big rig from Belmont co. to daddy Shugerts well in Old Washington,soon. Bluegrass Pipeline coming thru the county this year. Compressor station for Antero's well below Senecaville is ready to fire up any day. Gulfport is sending rigs to Guernsey soon. EQT is wanting to drill 21 new wells in Guernsey this year. Carrizo has 2 pads built,ready to roll. Cheasapeake,all of a sudden,likes Guernsey,better than Carroll. The company wanting to build an apartment complex at the I-77/Rt.22 site has agreed to help finance a sewer plant needed at that site& Coventry Estates. Motel to be built across from Pilot on the hill almost ready to roll. Some landowners near Quaker City are getting offers of $13,400. per acre to sell their Mineral rights. Any other tidbits are welcome. You hear things from credible sources that may not even be true,but you be the judge.
Yea, I heard they have hired a financial co. to look in their options on how to proceed from this point. Sell? merge? or just continue as planned? A few months from now,we may have the answer.
If they would go bankrupt, how would that affect eveyones royalty checks?
It would depend upon what type of bankruptcy protection was sought. Unless the wells become shut-in, the company and/or the court appointed receiver, would be obligated to pay royalties or risk forfeiture of the leases. Even in the event of a shut-in of the welsl, many of the leases have clauses protecting how long a well may be shut-in before risking forfeiture of said lease. However, I don't think Eclipse is in risk of seeking bankruptcy protection. With the rise in oil prices, the company feels that company is worth more than the value Wall Street is placing on their stock price. There is new money entering the oil patch and Eclipse would like to channel some of that money to themselves and their shareholders. Just this past month, PDC closed a deal selling all of their Utica holdings to a recently created LLC called Utica Resource Ventures. Utica Resource Ventures is headquartered in Houston, TX with a local office in Marietta. They do not appear to be related to any of the current explorers working in Guernsey County. Let us hope they have plans to aggressively develop the remainder of PDC's properties.