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Comment by Shower Bath on September 8, 2011 at 4:55am

Saw this posted on the Belmont site this Am, posted by TonyMik. Hess is acquiring Marquette Exploration for their leases in the wet zone of the Utica. Hess has become a major player in one very busy week.

http://phx.corporate-ir.net/phoenix.zhtml?c=101801&p=irol-newsA...=

Randy

Comment by Philip Brutz on September 8, 2011 at 2:25am

force majeure

Comment by scott peterson on September 8, 2011 at 2:03am

It most likely be shot down so hopefully no impact. Damn politicians!

Comment by Finnbear on September 8, 2011 at 1:32am

Fracking on hold Waiting for results of studies on impact of drilli...

I wonder how this will affect leasing activity in Ohio?

Comment by Hoodwinked2 on September 7, 2011 at 12:20pm

Consol Energy in $593 million deal with Hess Co.

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Associated Press

PITTSBURGH — Consol Energy Inc. says it's sold Utica Shale gas exploration and development rights in Ohio to Hess Corp. for $593 million.

The deal, announced Wednesday, will give Hess 50 percent of Consol's mineral rights to about 200,000 acres.

Consol, based in Canonsburg, Pa., said in a statement that Hess brings strong technical and operational expertise to the joint venture.

Hess will pay Consol $59 million when the deal closes in October and will invest another $534 million in the operation over the next five years.

As part of its investment, Hess will operate 80,000 acres in Jefferson, Harrison, Guernsey and Belmont counties, while Consol will operate the remaining areas including its acreage in Portage, Tuscarawas, Mahoning and Noble counties.

Exploratory drilling operations are expected to begin in the fourth quarter.

—Copyright 2011 Associated Press

Comment by scott peterson on September 7, 2011 at 9:40am

They are taking 45 days to do full mineral searches. I called several title co's in Guernsey and they all said same thing. So the o & g may not take 90 but i bet it will be 60 if anything.

Comment by John kamm on September 7, 2011 at 9:37am

Hi, Scott. Some companies are getting behind in their title searches but unless there is a problem with the deed, the due diligence does not need to take 90 days. A few days to a few weeks if the title search guys are really slammed.

 

Excerpt from an Order for Payment from one of the leasing companies in the area (not Amarado)

 

"Lessee shall then have ninety (90) business days from the effective date of Lease to review and approve title of said parcel(s) and additional adjacent parcel(s) not owned by Lessor(s) tendered as part of the “co-op” leasing process, and to tender payment of signing bonus as stated below. Should Lessor own more or less acreage as listed on Lease, Lessee may adjust payment accordingly without notice to Lessor(s).  Lessor(s) understand that payment of the signing bonus is conditioned and contingent on 1) Lessee’s review and approval of title of parcels listed on Lease; 2) Lessee’s review of all or part of the “co-op” parcels submitted; and 3) final approval by Lessee’s management to tender payment. Lessee reserves the right to reject said Lease should title be unacceptable to Lessee, or for any other reason, including, but not limited to, insufficient funding for payment to be made to Lessor(s), and insufficient assignment interest in the parcel(s)."

 

I am not an attorney but those last couple of lines indicate to me that they will be using the 90 days to find a buyer for the lease they have signed with you so they can pay you.

Comment by scott peterson on September 7, 2011 at 9:14am

John, yes I am aware of all that but most of the time there is a 90 day or so wait after signing while the o & g does the due diligence on your minerals.

Comment by John kamm on September 7, 2011 at 9:06am

Hey, Scott. Once the terms have been settled, land owner signs a letter of intent. Lease language gets finalized and Amarado does title search. Sign the lease, cash the check. If you don't have a copy of your property deed(s) you may want to visit the title department at the courthouse annex. Several friends and neighbors have had unpleasant surprises when they looked at their deeds.

Comment by william r rinehart on September 7, 2011 at 4:55am

Does anyone have a contact name and number to the link below?

Bill

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