Comment

Comment by Ronald L Wilcox on September 8, 2012 at 3:08am

A reliable souce has informed me that Range was pleased with the results on the first well and will frac in about a week.Also,oil was found in the upper Devonian.If this is true it could be a major step for Crawford CO.

Comment by Sam Douglass on September 6, 2012 at 4:03pm

Do not worry about who has the lease of the property next to you.  When the companies finally get around to drilling they will trade out properties without regard to surface ownership and split them up along lines that make sense for the development of the resource.

If you can, do not lease the property on this pass when offers are so marginal.  They will be back if they repeat performance in other areas.

But if you need the money now, take it and run and do not look back.

Comment by james on September 6, 2012 at 10:31am

Rex roae, where is your property located? What township/area in Crawford county? Thanks

Comment by timothy j anthony on September 6, 2012 at 10:28am

this is to rex roae. i signed in wayne twnship crawford co, with adapt energy. they were supposed to sell my lease to halcon. However after waiting 6 months they are overdue two weeks  to pay me and the landman will not return my phone calls..

Comment by rex roae on September 6, 2012 at 8:08am

A couple of notes today from my conversation with my attorney.

I had my attorney review the lease offer from Range Resources which was $750 per year payable each year for 5 years(total $3750) with a five year extension option.  Royalty was 15%.  After reviewing the lease, he advised me not to sign the lease as it was because there are apparently better offers in our area for both bonus and royalty percentage.   Apparently Halcon is leasing in our area thru ADAPT energy and Patten Energy is another company leasing as well as a 3rd company that was starting in the area(no name given).  He said all 3 were companies he would be comfortable with me signing and advised me to stay away from the flipping companies.

Personally, I'd prefer signing with Range because they hold my adjacent property but he felt I shouldn't sign at this time.  I'm having the Range landman contact him directly to see if they can work out an agreement.

My attorney is located in Meadville and charges hourly for his services instead of a percentage so if anyone is interested in his contact info, shoot me a pm.  Be forewarned, he's extremely busy right now and it might be awhile before he gets back in touch with you.

Comment by Jim Litwinowicz on September 6, 2012 at 1:38am

If the retention says mineral rights but does not specify oil and gas then you may not own the oil and gas rights.  However, since a landman approached you, then it would appear he researched the deed and determined you are the rightful owner. Its time to sit down with an attorney to straighten out your estate issues.

Comment by Kris on September 6, 2012 at 1:15am

My parents owned the land and when they sold it they retained the mineral rights.  We had basically forgot about until a landman contacted us.  My Dad the last to go and has been gone 10 yrs.  When the landman contacted me I found the original sales papers with the mineral right retention.

Comment by Jim Litwinowicz on September 5, 2012 at 4:38pm

Kris; you need to get together all the documentation you have to show ownership of the rights. First, determine if they owned the mineral rights or the oil and gas rights as there is a difference. Was there a deed reservation recorded at the courthouse? Were the rights bought from another owner?

You don't say how long ago they passed away or if other possessions were probated. As Sam said you certainly need to expertize of a good attorney but it may be possible for you to successfully lease the rights if all is done correctly.

Comment by Sam Douglass on September 5, 2012 at 3:56pm

Kris

It's time to spend a few bucks on a lawyer.  You might find that interest on unpaid inheritance tax is accumulating if the asset was not reported at the time of death.

Comment by Kris on September 5, 2012 at 8:33am

I have a question my parents owned mineral right to land in crawford county they have passed away and the rights were never deeded to me or my sibling would that be a problem in leasing?  Also neither of them had a will and it was just the 2 of us.

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