Halcon buying deep rights from NCL

Read on the internet a report on an investor site that Halcon had bought over 30,000 net acres of deep rights in Ohio from NCL.  These it stated were from 50 foot above the Utica down for a sum of $6,100.00 per acre. What does any one know about this.  This agreement was dated May 8 with an effectivbe date in June.  Thanks for any information you can provide.

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Replies to This Discussion

Permalink Reply by john p halloran on July 8, 2012 at 5:46am
I wonder who NCL is?
Permalink Reply by Robert Bond on July 8, 2012 at 6:42am

NCL is a company from The Woodlands, Texas.  They own a lot of the Clinton wells in southern Trumbull and northern Mahoning county.  Some of these wells were originally part of the General Motors Energy division.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on July 11, 2012 at 3:24am

This has been Halcon's biggest deal to date.  They're looking to make a splash in Mahoning and Trumbull counties.

Permalink Reply by Robert Bond on July 20, 2012 at 6:14am

Some of these old leases will need to be renegoiated to be able to be used for horizontal wells.  Some contain wording such as a drilling unit must be at least 40 acres but can not exceed 60 acres.  Some have no unitization clause.  Some have a unitization clause which reads that they can be unitizated in excess of 80 acres but can not exceed 90 acres.

 

These old leases will need to be reopened, wonder what will happen at that point and when it will occur?  Please advise your thoughts.

Permalink Reply by Susan Johnson on July 20, 2012 at 7:17am

These old leases - who would Halcon "renegotiate" with?  Would, I as a landowner, with those shallow wells be a part of that or is this a case of Halcon negotiating with a company like Enervest (who has our shallow wells in Trumbull County).  Would this be a case of a lease reassignment from one company to another - do you think the landowner gets anything out of it?  Just curious to know how the negotiations might work.

Permalink Reply by Robert Bond on July 20, 2012 at 8:09am

Halcon has bought NCL rights from 50 foot above the Utica on down.  NCL can not give them something that is not in the lease between the property owner at the time of leasing and the leasing company.  They would have to come to the current property owner to modify the existing lease in my opinion.

Permalink Reply by Herbert Jay Walton on July 20, 2012 at 3:53pm

I wonder how you would find out what is going on. Contact Halcon?

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on July 21, 2012 at 3:38pm

If they want to renegotiate the leases Halcon will find you.

Permalink Reply by Jack on July 21, 2012 at 4:04pm

I'm wondering how they will drill it when all the acreage is spread out. I have 90 acres with two NCL wells

Permalink Reply by Robert Bond on August 2, 2012 at 3:50pm

Just today on the Halcon website they had a conference call which you can listen too.  They talk some about the Utica shale and they state that they will have two or three drilling rigs working it in the second half of this year.

Permalink Reply by Robert Bond on August 9, 2012 at 10:32am

Anyone hear anything about Halcon's plans for around here?

Permalink Reply by USMC1970 on August 9, 2012 at 1:34pm

Person I spoke with says we will be contacted by Halcon. They have to clean up some of these leases with the Landowners. They have, apparently, been on the ground in our area for months so perhaps they have hit the ground running. We can only hope.

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