Replies to This Discussion

Permalink Reply by Jeremy on July 5, 2011 at 2:37am

What were the terms?

Permalink Reply by Paul Martinelli on July 5, 2011 at 3:41am

Brent...that is good news.......now just 90 days ( I assume) to wait.

 

You have any feel for how many acres from Tusc. were in that group?

Also,  did they give any indication on when drilling in Tusc. would start?

 

 

Thanks

Permalink Reply by Keith Mauck (Site Publisher) on July 5, 2011 at 4:21am

Congrats, it's a good feling when you get it done and know you have done your home work!

Permalink Reply by Brent Laner on July 5, 2011 at 3:45pm

basic terms, $2700/acre, 17.5% gross royalty, unit size 1280 acres, most other terms very acceptable. One thing it doesn't have is the free gas clause or equivalent. No definite time frame on drilling, indication was that after the first of the year it will be fast and furious!

Permalink Reply by Jeremy on July 6, 2011 at 5:31am

Thanks for sharing your lease terms.  It is helpful to know this information.

Permalink Reply by Henry Edwards on July 10, 2011 at 3:47am

Do not get too excited. The lease check will come fairly quickly-both mine within a month. The number of years in your lease will dictate when they drill. If you have a 5 year lease(mine are three)-they have tons of leases that expire before yours and they will drill those first. We are awash currently with natural gas and companies have slowed down on drilling and leasing for that matter for many reasons, price, availablity of rigs etc etc. The  good thing is you signed a lease, the bad thing is there are many many other properties to drill. Your best hope would be a property in your unit that had a previous lease expiring soon.

Permalink Reply by Dave Myers on July 12, 2011 at 9:48am

Brent,   that sounds great....only one company had come to see my wife and I and we weren't sure if we had the rights on part of our land....so we signed for $1500 and 15%.   It must have been a decent deal for them cuz they sent a check within a month on 20 acres of the 45 that we signed.  We did get a low offer in the mail from Appalachian  and I bet you all got that offer as well.

Permalink Reply by 0i7okn54zwbdo on July 7, 2011 at 4:20pm

Congrats. I hope your group was able to get some better provisions in their lease as the initial CHK lease is unfathomably bad for landowners.  In 90 days go buy yourself something nice on their dime.

Permalink Reply by Brent Laner on July 7, 2011 at 5:23pm

Yep, our final addendum wasn't even close to what the original and first revision looked like.....amazing what a little competition can do!

Permalink Reply by Del Jones on August 19, 2011 at 9:18am

So, are you saying you signed the lease and then CHK has already done their reserach on your property and "approved" your land to be included as part of a drilling unit?  Or are you still waiting for them to sign off?  I supect the latter...

 

It would be good to see a map of where all the property is that is part of the group to make sure your (or mine, since I also signed a lease) land can be lumped in with enough others to be part of a drilling unit.  I guess if you have enough land to make a drilling unit by yourself (I do not) then you are in good shape.

Permalink Reply by Brent Laner on August 20, 2011 at 1:30am

I've signed the lease agreement. CHK has 90 days to complete the necessary title verification work. CHK has accepted the offer for all the land, the only way they can reject your ground at this point is if you have an existing lease blocking your ground.

Permalink Reply by Del Jones on August 20, 2011 at 3:35am

It is my understanding that if your land cannot be pooled with other land to form a drilling unit, then it can (and will) be rejected.  It would be nice to have this confirmed or denied by an attorney who is an expert in thid area.

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