Replies to This Discussion

Permalink Reply by Matt on October 13, 2012 at 9:51am

Our situation is this: Atlas Resources sublet the Utica rights to Enervest.  Enervest sublet half of that to Chesapeake about 2 years ago.  Then Chesapeake sold their half to Devon.  Chesapeake and Mr. McClendon personally sold all they had in Coshocton County to Devon.  I believe they did the same thing in Holmes and Muskingum.   Devon told me they would drill 13 wells in the 3 counties by 2013 but this is spread over a HUGE acreage.

Permalink Reply by James Troyer on October 13, 2012 at 10:37am

Matt

So what you are saying is that Enervest and Devon(not Chesapeake) are the partners currently in Coshocton,Muskingum and Holmes?  Is Devon going to take over the Enervest portion of those county leases?

 

Thanks

Permalink Reply by Matt on October 13, 2012 at 10:59am

Enervest and Devon are partners on our property.  I can't say that is the situation elsewhere.  I do know chesapeake has sold out of Coshocton county entirely though.  I would think they would want to clean  this up (make clear blocks of ownership) before drilling or both will have to contribute to drilling costs in some kind of complicated formula which use peeones will not know anything about.  I'd also say this deal has a low priority as the landmen seemed uninformed and uninterested and overwhelmed by their workload. 

As you know both Chesapeake and Devon have taken enormous amounts of cash and promises of more cash later from foreign companies (Sinopec and Total) for shares in packages of leases.  I assume they are using that cash to do the initial drilling.  Chesapeake has acted "agressively" or "wrecklessly" in acquiring leases and is indeed overextended.

 

Permalink Reply by Joseph-Ohio on October 13, 2012 at 10:08am

The leasehold acreage I was referring to is the acreage that is still listed as open at the Meagher site.
The acreage you're discussing transferred (quite awhile ago per your post).
Thanks for your information however, as it provides great insight as to the nature of the outfits doing these deals.
Looks to me like there's been a lot of wheeling and dealing going on flipping leaseholds.
Standing by for news.
J-O

Permalink Reply by Matt on October 13, 2012 at 11:05am

The article I read said Chesapeake was selling out of south eastern Ohio and focusing drilling in areas where they are more concentrated.  I suppose that means Carroll County.  In Coshocton County, Anadarko (the company has a map of their leases on one of their sites) has locked up most of the properties and has big blocks.  Devon seems to be acquiring "islands" where they can make a drilling unit.

Permalink Reply by Joseph-Ohio on October 14, 2012 at 12:01am

Just to clarify what my original post and question was all about:

I've read elsewhere within other posts that Chesapeake was selling it's Utica leasehold acreage in Ohio. You can google Meagher and find their listings and listed under 'Open'. Further the Chesapeake deals were supposed to 'close' on August 17, 2012. I've heard nothing more on those listings / closings and as far as I know they are still listed as 'Open'.

Also, more recently I've read elsewhere within other posts that EnerVest is also selling it's leaseholds in the Ohio Utica. I've heard no more on those newer deals.