Just heard a rumor from a friend that one of the landmen from Kenyon said Chesapeake will stop leasing in Hancock County on Monday, Jan 23. Anyone else hear of this. Could just be a scare tactic to try and break up the landgroups in the county, but who knows. Let's post anything any of you have heard.
I find it hard to believe that they would be moving drilling equipment on to the Allison property and just expect to drill one well in Hancock County. I'm sure it's possible, but it seems to me that would be an awful waste of time and money.
I agree. Just wanted to know if any others had heard anything to this effect.
I heard the same. It sounds like the same old pitch "sign now or be left behind". The person was told "since they were already sent a lease, CHK would honor it." I would consider it theft by deception or at the least unscrupulous. I sure wish they could be held responsible for everyone who falls prey to these vultures. By the way, it was also a Kenyon land man. It may be that the land group is close to an agreement with CHK and this is their (Kenyon) last ditch effort to sign and sell the leases to CHK. How many others have been told this by Kenyon? The lease that was sent offered $2K and 17% NET, lots of other clauses left out.
Just received another update on this. Apparently there is a company that is currently in Brooke county that is interested in moving to Hancock co also. It would seem this is a scare tactic by CHK/Kenyon to sign as many as possible before there is any competition. Don't have the name of the other company yet.
Hancock land group meeting:
Dear Hancock County Group Members;
There will be a meeting of our group on Tuesday January 24th, 6:30pm, at Mountaineer Race Track and Casino at Salon "C". We will discuss current negotiations. Please call if you have any questions. Current members and people interested in joining the group are invited.
Jeffrey J. Rokisky, Esq.
Rokisky and Associates
3200 Main Street
Weirton, WV 26062
FYI everybody: We're in the driver's seat! How can you tell when a landman is telling a lie? His lips are moving.
I just checked the WVDEP website and didn't see any other company applying for permits yet. There are already 35 permitted wells in Brooke County and many on the way.
Kenyon just stopped at my house and told me this. He said they are going to focus on a few small patches in Hancock, but after tomorrow 1/23 at Midnight they are no longer going to be signing leases.He said all the leases they have outside of these small patches, they will bundle and sell to the highest bidder.
I heard pretty much the same thing today when the landman stopped by my house. I feel another company will buy their leases and they are going to need to acquire additional acreage to connect them in to units. Chesapeake is probably just selling these leases they have to turn a quick profit. If you check their stock price it has been dropping significantly lately. This would be a way for them to raise some quick cash. I'm sure with the price of natural gas being so low it is hurting their bottom line
I find it kind of odd that the deadline for the lease signing is the day before the lawyer meeting at Mountaineer. He did mention he thought that land groups had something to do with CHK pulling out.
He mentioned the same thing about land groups to me too, but I think that is BS. All the gas companies have dealt with land groups everywhere they have leased. Most were much larger than the couple in Hancock County. PA and Ohio have both had groups that controlled many thousands of acres and they have signed them up. Could well be a ploy to try and break up the groups and get some to sign for the current offer, and I'm sure some will. It's just a gamble and everyone has to make their own decision. I know I don't like being given an ultimatum.