Columbiana County - Chesapeake executives helicopter in for lunch

Chesapeake executives helicopter in for lunch

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Permalink Reply by Billy Park Whyde on March 3, 2012 at 3:13am

Summitcrest Inc., where the helicopters landed, filed a lawsuit last October over the previous gas lease it had entered into several years ago with a company. The lease was later subleased, or "flipped," to Chesapeake, and the lawsuit is challenging the validity of the original lease. Looks like an attempt to patch things up instead of going to court.

2o1ieqppm25rzPermalink Reply by 2o1ieqppm25rz on March 3, 2012 at 4:53am

Did they make any other stops in eastern ohio while on this visit????

 

Permalink Reply by Doulittle on March 3, 2012 at 5:04am

I could tell you, but then I would have to shoot you....


In fact, I do not know. Articles references visits to other Ohio, PA and WV places.


2o1ieqppm25rzPermalink Reply by 2o1ieqppm25rz on March 3, 2012 at 6:26am

Hey Doulittle   -   Please don't shoot me, I want a well first!!!   This is a real plus for our area when the CEO brings his board of directors to Columbiana County.

Permalink Reply by Doulittle on March 3, 2012 at 7:36am

No disagreement. Just askin' and hopin' for fair treatment of landowners in the process.... 

Permalink Reply by Jim Litwinowicz on March 3, 2012 at 7:49am

Wow, way cool!  Has to be pretty rare for the entire BoD to fly to a sight.  Could there be issues within the board?  CHK is very short of cash....maybe Aubrey has some selling to do to the BoD.

Where did they fly out of?  Hopefully they used the Youngstown airport as it is closer and has a lot of under-utilized capacity.

Would love to know where else they visited. ......just no shootin' please

Permalink Reply by Bluflame on March 6, 2012 at 6:20am

   

Jim,

   Bringing the entire CHK BOD to the Utica is DEFINITELY a positive indication of the high esteem that CHK & Aubrey McClendon hold for the Utica play. BOD events are highly orchestrated and he would absolutely not bring them to see something that was not well proven and supported by excellent well results.

   This esteem level is likewise confirmed by the very high percentage of Ohio Utica wells permitted by CHK. I've not done the math, but it must be 90% or more. I believe they are "betting the farm" on the wet gas Utica region. Mr. McClendon has an industry reputation as a swashbuckling risk-taker. How many other CEO's have brought their BOD to Ohio?!?

BluFlame

   

Permalink Reply by Doulittle on March 6, 2012 at 8:42am

hope no one got food poisoning.....

All would have loved the desserts.

I thought maybe Aubrey & Co were there to hear a clinic on how to continue to "Pitch their oily shale wares" to future JV partners.

Dave J could conduct half of the seminar on topic "how to sell asbestos" back to the taxpayers.

Sam J could follow that with how to make a (large) fortune on promoting & marketing "bull semen".  

A seminar well worth the cost and trouble of getting there.....

Permalink Reply by dr j on March 3, 2012 at 4:50pm

:) 

 

Based on permitting activity etc, it appeared Columbiana County was becoming a focus.  

In the article it talks about the cancelled Summitcrest permit - I believe that permit was re-issued so perhaps there has been an agreement.

 

  

 

Permalink Reply by Doulittle on March 3, 2012 at 5:17pm

My understanding from reading news coverage; the cancelled Summitcrest Utica drilling permit is a result of legal case over validity of a previous oil and gas lease with a regional driller and the lawsuit filed by Summitcrest to attempt to break the lease claiming breach.

Breaking lease would allow S-crest to sign-on to newer, more lucrative bonus and much improved royalties. Farm may have well over 1000+ acres so squabble is "high stakes" issue for all parties involved.

Legal case was referred to an arbitration panel. Have not heard of any reissue of permit: if reissue occurred, compromise would have been completed.

Permalink Reply by dr j on March 3, 2012 at 8:04pm

Doulittle,

http://gomarcellusshale.com/group/columbiana-county/forum/topics/su...

The member Utica Shale does a pretty good job keeping us up to date on the local wells.   I believe the new/reissued permit showed up on the County Engineer's list ( which is where you will find them first most of the time) on the ODNR site.

 

It appears the original permits were issued in August.  Cancelled Jan 19th and then re-issued 2/16/12. 

Permalink Reply by Doulittle on March 3, 2012 at 8:46pm

I was following the newspaper reporter's story as quoted below:

"Summitcrest Inc., where the helicopters landed, filed a lawsuit last October over the previous gas lease it had entered into several years ago with a company. The lease was later subleased, or "flipped," to Chesapeake, and the lawsuit is challenging the validity of the original lease.

Chesapeake received a state permit to drill at Summitcrest but the permit has since been canceled."

i was not aware of the re-issue of the permit on 2/16/12 nor apparently was the reporter, if this re-issue if for the same site.

That being the case, apparently the peace-pipe had already been lit, passed and smoked in the lease dispute (Sam J does smoke doesn't he?....) and onward all go toward drilling their way deeper into the 1%-er class.

Btw, you mentioned member "Utica Shale". In looking up his posts, I see where he too has noted the ALOV website is "MIA".....

 

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