Bought a cabin in Tioga and the OGM's were transferred to me at the sale. I did get a confirmation letter from the gas company with them updating their records of ownership and they sent a letter of intent to renew the lease. I am just hoping they renew the lease at the amount the last 5 year lease was or more. I was told I should hear something by June/July, but haven't heard anything. Anybody else experiencing this or did you renew your lease lately?
I doubt that they are offering what they were 5 years ago. if they didn't bother to put you in a unit in the 5 years they had your property leased, I don't think they are very interested (I'm in the same boat but have a year left on my lease).
I'm in Delmar. Seneca has our lease.
I did do a search for Seneca as the company/first name and left a * in the last name and checked the tioga box, but the results showed nothing. When I searched by last name it showed the deed and the mortgage info on the date purchased/closed.
I see all the instrument numbers listed and the info. What exactly am I looking at here? Are these leases that are currently renewed that are recorded?
Fingers crossed... just bought the place in March and hoped to do a few upgrades to it. Didn't plan on it at all or expect to get any money what so ever, but if we do that would be a great jump start.
What is a "surrender"?
by surrender, they mean " surrender of lease". It's when your lease is up, you should ask whatever company holds your lease for a surrender of lease because they still have the rights to your rights (funny, huh?)...then if they decide in 2 or 3 years they want to drill they can just renew by sending you another (probably minimum) payment. Also, if anyone else gets interested in your property you can negotiate in good faith and show them the surrender to prove you own the rights. Otherwise, they can purchase your rights from the company that stills holds them and you get nothing. I have just requested a surrender and am waiting to hear from them.
Hope this helps, Theresa
I should have known that, as I work in the industry. When I worked in Ohio, we called it a Release of Lease, as opposed to Surrender. Thanks for the reply, Theresa. Very helpful.
We are working out a new lease with Tavis Peak in Westfield. Shell holds the lease until Sept. and is not renewing. Our original lease with Shell was way to good. It's to their advantage to let TP work out a new one and pick it up back up when TP filps it. ( Which they probably will!) Our TP lease is pretty good, a lot of new elements that favor the o&g company . We have 5+5 extension at a fair price with 15% interest. We are still working on addendums.
Mike, check to see if the lease you hold now has an extension clause or renewal clause. If it does, the terms of that lease would remain in place. Good Luck!
Lynn..............just be patient Shell will come a knocking............they did me...........low balled me n I said I want original terms n got it with no ded.............just wish I would have added a depth clause..............in Clymer Twp
I am being told Shell now wants to increase unit size's from 640 to 1280 that will make the program interesting
I am going to poke around a bit and see what info I can find. I do have a contact who's husband works for Shell, so maybe they will have some info. I have heard that despite the gas prices being so low due to Saudi Arabia competing with the market with not only fracking dropping their prices, but also a potential Iran deal to go through they are flooding the market... with that being said I also read a report stating that S.A. may go broke prior to the US industry buckling under the pressure. There is much to be said and a lot of speculation... for all we know the industries may be playing leap frog on the global population to create their own supply and demand. With that being said, there are only a few major global leaders in the industry and who's to say what's really going on behind closed doors. It's a shell game.
Tell me about it