We just received a call from Range Resources to talk about leasing our property in Jackson Twp. Has anyone else been contacted? They did not get into any discussion and said they would be contacting us in the near future, they were just getting some general information in this call.
Bumping thread to the top again. Is anyone being contacted?
What do you mean by posting the single word "Bump"? I pose this question seiously because I do not understand computer jargon or even all the slang terms in the O&G industry. By the way in O&G terminology what does the word "SPUD" mean? Pardon my level of ignorance?
Ha! That is just to bring the subject back up to the top before it gets pushed into a corner somewhere never to be read again. I assume spud means to drill.
Thanks for responding. At least somebody is reading the threads here.
Rich: Thanks for the explanation. Iam glad to know why you used "bump". Seems to me that a lot of relevant threads just spontaneuosly die.
I should have said "Bump thread to the top."
According to the Investment encyclopedia, "SPUD" means:
In the oil and gas industry, the process of beginning to drill a well. Initially a larger drill bit is used to drill a surface hole, which is lined with casing and cement to protect groundwater. After the surface hole is completed, the main drill bit is inserted and the well is drilled to the total depth.
Can also be referred to as “spudding in”.
I was recently contacted again. They are offering 750/acre (was 500) and 15% (same). It is over 5 years
I would hang up on them with that kind of offer. $3500 and 20% with no deductions, and some good addenda.
the 750/acre was per year for 5 years - 3750/acre. they are too late as i have already signed with someone else recently
Who did you sign with? How much per acre and percentage did you get? Thanks.
That sounds much better. If it $750 total for the five years I would have hung up. Did you get any addenda added in your favor?