Portage County sits on top of the valuable oil and wet gas windows of the Utica shale play in eastern Ohio. As such, many landowners have and will continue to receive offers in the mail or talk with neighbors that receive offers. Please share any current lease offers.
We have received an offer from Chesapeake Energy for $1500 acre/10yr lease. I expect offers will increase significantly in our area.
Here are some things to look out for in any lease.
Also, Chesapeake announced a joint venture with a large Oil Company. (link is posed on the message board below). It was also reported that Chesapeake will not be releasing additional production data anytime soon because they are still trying to lease additional property. After their last announcement the market value for leases increased significantly.
Did you ever make any progress on negotiating a 5 year deal?
they blew me off , last offer was 3K an acre but only wanted to pay 15% royalty. I said 17% and you have a deal, they said no. LOL...bullpucky, I expect they will contact me again in the spring.
There is a lawyer group forming - if you friend me I'll give you the info. We were able to get a higher percentage in our lease.
I have a client w/ 66 acres in Portage looking for a good group if you could contact me. They need a non-surface lease but its a good piece well located.
I agree... I expect the area will be seeing more action in 2012.
Like I thought, Chesapeake called again with some 'new' information. The 'new' information was she wanted to inform me that the current lease offers in portage county are going DOWN! LOL...so why are you calling me? Well, I thought maybe I could resubmit my previous offer and they might accept it. Pfffht.....the 3000 an acre and 15% royalty one? Yes, they might accept it but might not. I told her no, call me when the 17% is acceptable, the 3k an acre is good with me but the 15% is low. So.... tough game these guys play, does 17% sound unreasonable or is this the games they play?
Leasing has been slow all over this play, but that was expected due to the Holidays. No one is going to make major decisions during the last half of December. I have heard things are picking up..... they would not call if they were not interested. I do not believe 17% would be a deal breaker. More production information will be posted in the comming months. I have heard many wells are exceeding expectations. Bottom line is do what you think is the best for your family. Good Luck.
Does anyone here know anything about the land group NELA ?
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