Comment

Comment by warjr on August 17, 2012 at 1:53am

@ Jesse. What did your CSX agreement entail?  I have some mailings recently from them but have not spoken to anyone seriously yet other than they offered me a job as a "landman" as I have a Real Estate Brokers License here in PENNA. I also live out of the area and own 75 acres in the SW portion of the County not far from the Mercer County line and have had some interest shown by other "marketing groups" as well but that doesn't get me anything but tieing up my land if all they intend to do is "flip-it".

Comment by Berk on August 16, 2012 at 2:03pm

The Utica well to be drilled by Range in Greenwood twp. is starting to show some signs of life. Survey team was out surveying the area today. Hope this is a good well as it's less than a mile from my place.

Berk

Comment by james on August 15, 2012 at 12:17pm

Any drilling companies leasing in Crawford county yet? I have heard Wishguard has started working the area, has anyone signed a lease with a oil/gas company yet in Crawford? The only people that have contacted me are Wishguard and Cx energy.

Comment by Berk on August 15, 2012 at 9:54am

Thanks Jim

Comment by Jim Litwinowicz on August 15, 2012 at 8:56am

Berk; there is often a difference in acreage in what people own and what can be leased. Often, someone owns only a partial interest like after a family inheritance. Sometimes, part was withheld by a prior owner years ago.  And/or part may be HBPd by an old lease from decades ago. May be a discrepancy between what is deeded and what surveyed.  So net acreage means what acreage you actually own the rights to.

Comment by Dave on August 15, 2012 at 8:31am

Does anyone belong to the group out of vernon twp (VTCAA).  If so is anything happening with them?

Comment by Berk on August 15, 2012 at 8:17am

I know I've read it somewhere but I can't seem to find it. Most leases I've read have leased acres then say net acres. What is a net acre?

Thanks

Berk  

Comment by warjr on August 12, 2012 at 2:23pm

@ Dave  same for e when I asked for the 90 days...

Comment by edward bilik on August 12, 2012 at 1:56pm

The language of this lease is telling you that they are a " flipper." "Insufficient assignment interest" is an acknowledgment that you are not getting paid unless they find someone to to which assignment can be made. The term "contingent upon management approval" is always suspect. These leases are asking the landowner to sign a lease for free for a term. Brokers have employed this strategy for some time. It is important that every landowner exercises due diligence in identifying the nature of the perspective lessee. Crawford County is experiencing speculative leasing prior to the entry of the major oil and gas companies. I hate to see a landowner enter a lease without consideration and be unavailable when legitimate leasing occurs. Some brokers proffer that there is a buyer for the lease. At this writing, a major oil and gas company has yet to emerge in the leasing market in Crawford County. Require the broker to identify the assignee of the lease. Otherwise, be very skeptical.  It is important to have an expertise or legal representation. Generally, when you haven't ever heard of the lessee, there is a good chance they are a broker. We have all heard of Chevron, Shell, British Petroleum,Range, XTO, Hess,  and a host of other large companies. These lease offers smack of speculative leasing. This practice was seen throughout the Marcellus and in Ohio during the speculative phases. It is prudent to have language in the lease voiding it should payment not be  made in a definite point in time. The language in the lease offered to you is opened ended. Your instincts are good. Be darn sure you have your lease reviewed by an expert before execution.

Comment by Dave on August 8, 2012 at 9:14am

I'm looking for alittle help on a lease i received from Northeast Appalachian Land Services, Inc.  I asked them to give me a guarteed lease with a 90 day payment.  When i received the lease this was the first page.

 

CONFIDENTIAL EXHIBIT "B" - ORDER OF PAYMENT

By executing and delivering the attached Paid-up Oil and Gas lease ("Lease") to Northeast Appalachian Land Services Inc.,(Lessee"), I/we, Lessor(s) understand that Northeast Appalachian Land Service, Inc., shall pay initial non-refundable consideration in the amount of $1.00 per parcel of Lease to review and approve title of said parcel(s) and additional adjacent parcel(s) not owned by Lessor(s) tendered as part of the "co-op" leasing process, and to tender payment of signing bonus as stated below.  Should Lessor own more or less acreage as listed on Lease, Lessee may adjust payment accordingly without notice to lessor(s).  Lessor(s) understand that payment of the signing bonus is conditioned and contingent on 1) Lessee's review and approval of title of parcels listed on Lease; 2) Lessee's review or all or part of the "co-op" parcels submitted; and 3) final approval by Lessee's management to tender payment.  Lessee reserves the right to reject said Lease should title be unacceptable to Lessee, or for any other reason, including, but not limited to, insufficient funding for payment to be made to Lessor(s), and insufficient assignment interest in the parcel(s)

 

ONE DOLLAR ($1.00) PER PARCEL CONSIDERATION PAID TO AND ACKNOWLDGED BY LESSOR UPON LEASE EXECUTION AND THREE THOUSAND NINE HUNDRED AND 00/000 CENTS ($3900.00) PER NET LEASEHOLD ACRE AS LSITED ON THE LEASE BE PAID TO LESSOR PER LEASE AGREEMENT WITHIN 90 BUSINESS DAYS FROM THE EFFECTIVE DAY OF THIS LEASE; SHOULD LESSEE FAIL TO TENDER PAYMENT WITHIN THE TIME PERIOD SPECIFIED HERIN, THE LEASE SHALL BE DEEME TO HAVE BEEN REJECTED BY LESSEE AND, UPON WRITTEN NOTIFICATION OF REJECTION BY REGULAR MAIL TO LESSOR, LESSEE SHAL HAVE NO FURTHER PAYMENT OBLIGATION TO LESSOR, AND IN THE EVENT LESSOR RELEASES LESSEE FROM SAID PAYMENT OBLIGATION. 

 

To me this seems like they are trying to flip my land, but wanted to get other peoples opinion.

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