Comment

Comment by Joseph-Ohio on August 19, 2014 at 3:01pm

http://gomarcellusshale.com/forum/topics/good-news-up-north-utica

Another link to a General Forum post that I think important to us in Ashtabula County.

Comment by Joseph-Ohio on August 19, 2014 at 2:55pm

http://gomarcellusshale.com/forum/topics/utica-oil-window-news-from...

Above a link to a post on the General Forum pages that I think important to us in Ashtabula County.

Comment by elliemae82 on August 12, 2014 at 9:34am

Yes, Great information. Thanks

Comment by Helen on August 12, 2014 at 7:41am

Thanks for the info. I will try to get the releases myself.

Comment by james mcmeechan on August 12, 2014 at 7:20am

  Helen,

   I should have mentioned in my previous post, the first thing you should do is contact the companies and request a release. This process requires that you know who owns the lease at this time, and you have a way to call or mail them. If you have that contact them and request a release. Don't expect a lot of success, I only had 1 out of 6 send a release, but it is at no cost except to file it one time.

  The next step is to use ORC 5301.332 notice of forfeiture. I posted my experience with it, and it turned into a pretty good discussion on the process. The hardest part for me was searching the records. Don't let searching the records stop you. At first I found it very confusing, but the people at the recorder's office are great.

Comment by Joseph-Ohio on August 12, 2014 at 7:12am

Unfortunate how slow things are going.

Would like to see things pick up.

Don't think I'm alone in that regard.

Comment by Jim Janson on August 12, 2014 at 6:56am

$10,000 to clear land that showed 10 leases filed on it is way too high unless each lease is still active (very unlikely).  $100 per lease to get them forfeited is unrealistically low, unless each lease had zero assignments or unitizations and was never active (also unlikely). 

Getting a release from a lessee is very cheap but you have to do a leasehold examination at the courthouse, or have someone do it for you, to make sure you are getting the release from the right entity, otherwise it could be worthless. 

Filing forfeiture affidavits costs less than $100 for the actual filings, but all the work that is necessary to make sure they are done correctly can cost a lot more than that, unless you do it yourself.  Most people are not comfortable doing it themselves because if anything is done the least bit wrong then the affidavits have no effect and the lease isn't cleared.   

But it is certainly true that there's no hurry to get this done right now.

Comment by Helen on August 12, 2014 at 6:03am

I would be interested on how to do this myself... We have 10 old leases on our Ashtabula property, We had an attorney quote $1000.00 per lease to clean them up. To say the least they are still there. Didn't want to spend $10,000.00 we don't have,  until we knew something was about to happen in our area.

Comment by Joseph-Ohio on August 12, 2014 at 6:01am

James M.,

Seems to me you've 'cracked the code' and have things pretty well figured out.

Sounds like good advice to me.

Hoping things pick up for us sooner than later.

Good luck to all of us.

Comment by james mcmeechan on August 12, 2014 at 5:19am

  It depends on how you intend to lease your property. If you plan on waiting until a company knocks on your door and wants your land I wouldn't do anything, a company that wants your land will work out the problems. If your plans include joining a land group that says all or nothing, you will want your old leases cleaned up. Oil companies will use title defects to weed out parcels they don't want.

  With today's climate, I could not justify taking on debt to clear up title defects. One can do it themselves for less than $100.00 per lease. It takes 90 days to clear a lease, clear one lease every 90 days. It will cut into the beer allowance, but it can be done. At the rate we are going you will have plenty of time.

• ‹ Previous
• 1
• 2
• 3
• 4
• 5
• …
• 61
• Next ›
• Page