Anyone know the extent of the additional Tioga County leasing SWEPI has planned? The last (and only) time I was contacted by one of their landmen was 4+ years ago. He was going to get back to me "next week".
I'm in NE TC, where most of the existing wells are single horizontals, drilled by ERI and now owned by Talisman. My best guess is that SWEPI is filling in some of the gaps (unleased property) ... not that they have development plans. Anyone have any info (or guesses)?
Those are new well permits. If you click on the Blue writing on my first post it will map it and also give you the API number. Its a Nimby site, but good free info. I haven't figured out the target formation yet.
Yes, Looks like Baker 21H is Utica or deeper. TVD12,200' Lateral 5600' MD19,000'
This is all new to me. I was looking over some lease papers that my in-laws signed a few years ago with SWEPI and I was curious about lease extensions. The extension of term payment is listed as $2k/acre and I know that a vertical well was drilled on the unit. Does the existence of this well mean that it is "held by production" and a way of getting around the extension terms? An attorney told them, that for the couple of acres involved, it wasn't really worth paying for legal advice and to just consider it free money.
I am just looking for a little clarification. Thanks.
Thomas good post!! What it takes to HBP is determined by each individual Lessor's lease. To learn what is required, a landowner must read his or her lease. Also, FWIW:
My own lease, signed a few years ago, had very meager requirements to hold my land by production (HBP). I knew about this when I signed and those terms met with my approval. I realize for others my terms might have been considered insufficiently stringent or demanding. But my eyes were open, the terms were what I wanted, and nobody cheated me.
Of course that was then and this is now:
Regardless the ease with which they could have done so, my gasco chose not to hold onto (a portion of) my land. This was owing, I'm pretty sure, to my high royalty fraction along with the current and ongoing natural gas glut.
What can I tell you? The Lord giveth and The Lord taketh away. I certainly have neither complaint nor basis for complaint. Some stuff just "is what it is".
I received (2) letters from Long Consulting Group.
Each letter was from a different Independent Landman wanting to acquire a new least on my Shippen Twp.parcel which is under contract until July 2015 w/Swepi. I did not respond to either letter. A third Independen Landman Philip Stallard from Clarks Summit, Pa. Showed up at my home in Bucks County,Pa. and left his card in my door. I can’t believe they would travel over four hours away to lease my parcel of 4-acres. My neighbors said they only received one letter from Long Consulting Group and did not respond. Is this the standard protocol?
A lot of Tioga County land is owned by people from downstate. A landman is down there to lease up as much as he can in the areas of Tioga County they are interested in. He didn't drive down there just for you. Why not respond and see what they are offering?
What is the bonus per acre $$ in the renewal clause of your current lease? SWEPI does sometimes try to negotiate a smaller amount.
No renewal dollar amount clause on current lease.
What does the lease say about renewal (or termination)? (For example, you might be required to notify the lease holder and give the company a grace period.)
Once you have determined what your options are under the terms of the current lease, then find out what SWEPI is offering (through Long).