History of our gas lease
Our camp has almost always had a lease on it for gas/oil of some sort. We used this for a little extra income. Most of these were in the $5 acre range. We just looked at it as if nothing would happen.
Then a lease expired and suddenly the terms got more favorable for us. Not great but better. this was a $20 acre year 1 then $5 for the remaining 4 years.
Then the boom hit midway or sooner. We got a one time option for $300 or so acre. Which is where we are now.
The financial crunch hit, and we didn't see a dime. This last lease had a deal in it where the company would pay $2000 acre if they didn't do anything. That was a tad over a million for us. We didn't care either way. Now it looks as if things are moving forward with the well, and hopefully with our bank accts.
Then a lease expired and suddenly the terms got more favorable for us. Not great but better. this was a $20 acre year 1 then $5 for the remaining 4 years.
Then the boom hit midway or sooner. We got a one time option for $300 or so acre. Which is where we are now.
The financial crunch hit, and we didn't see a dime. This last lease had a deal in it where the company would pay $2000 acre if they didn't do anything. That was a tad over a million for us. We didn't care either way. Now it looks as if things are moving forward with the well, and hopefully with our bank accts.
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Comment
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Comment by Theodore Koncsol on April 19, 2010 at 7:23am
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Frac drilling is taking place now. East has cut trails in to bring in the smaller equipment. Apparently the well pad will be in by the end of the year.
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Comment by Theodore Koncsol on March 28, 2010 at 5:50pm
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OK. We are well on our way to a well pad going in as of the end of March. The area was surveyed for the proposed pad, and clearing was to be completed by the end of the month. We'll see what happens next.
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Comment by Theodore Koncsol on November 3, 2009 at 5:19am
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Yes in southeastern Tioga. Armenia Mountain. It is East.
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Comment by Brian Day on October 28, 2009 at 1:28pm
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Is this in Tioga County and where, if i might ask? Is the company East?
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