Lorain County Activity?

Have any landowners in Lorain County received offers? I was approached by MFC Drilling about my property near Brighton. $25 an acre plus $10,000 bonus if they drill on my property. Is there a landowners group for Lorain County?

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Permalink Reply by ojn on December 14, 2011 at 5:22am

Unfortunately, I haven't heard anything since my last post. Seems that there is activity in Medina County so I'm hoping we're next!

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on December 14, 2011 at 9:48am

MFC is planning to flip their leases.  

Permalink Reply by ojn on December 14, 2011 at 10:47am

I figured as much given the $25 per acre offer. They said they won't sell the lease and that it was spelled out in the contract. But in the sample contract it clearly says they reserve the right to sell it.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on December 14, 2011 at 2:20pm
They have zero chance of producing the Utica on their own. I know this because the top brass at a major operator just analyzed cores showing the complexity of the play. If MFC thinks they can drill these wells and not go broke then they're absolutely lying to themselves. That being said land in Ashland county is going for $600-750 per acre and it's not too far from Lorain. $25/acre is nothing more than a smokescreen to get some valuable land cheap. I applaud their capitalism but I would hope people are smarter than that.

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