Range cancels lease in Clinton Co. Pa

WE own 3200 acres of mineral rights in Clinton Co. Pa. Range cancelled the lease due to economics. Wondered if anyone else has experienced this and if there are any other companies that are active in the area? I was real surprised since the area is going thru seismic this year and I thought they would wait for the results. I would really appreciate any input since I am really stunned.

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Permalink Reply by Schnoozie on May 25, 2012 at 6:34am

You sound like all the others, landman-but not a landman.

Boring worn out sales pitch. Hey PM me I will give you some goodvice!!!

I heard the same BS from two others on here. GMS is their new lead generator.

Permalink Reply by Ed Agostinelli on May 25, 2012 at 7:21am

What are you talking about? I don't know how I could have offended you.

Jim ShoosPermalink Reply by Jim Shoos on May 25, 2012 at 11:02am

Ed... I don't think Schnoozie's comments were directed at you.  Most likely he/she was responding to either Fang or I.  Lots of people like to get a snoot full and start banging on the keyboard with pointless drivel. 

Jim ShoosPermalink Reply by Jim Shoos on May 20, 2012 at 12:15pm

Ed...now you have really lost me.  You appear to have stated several contradictory things.  You said the original agreement called for 25% down and the remainder paid in 12 months, so that would appear to have resulted in you getting 100% of your money in one year.  In the last paragraph you stated that you received a great deal of money from Range "over the 4 years"??? How did you receive money over the course of 4 years when they cancelled the lease after 11 months and 29 days???  If what you stated was accurate you would have already collected all the money you were entitled to long before 4 years. 

What am I not getting here?  I would love to know how an escape clause was buried in an ingress egress clause.  Tell me more about that.

Permalink Reply by Clinton44 on May 20, 2012 at 12:27pm

Hi Ed,

I noticed the townships you mentioned that your acreage is located in are fairly close to Grugan and Gahlager Townships in Clinton County as well as Mchenry Township in Lycoming County. Anadarko is still activily drilling in those townships. Just put five new pads and three fresh water impoundments about two miles to our south on Browns Run Road Mchenry Twp. As well as one pad on Hyner Road.

Maybe your luck will change and you will get an offer from them since you do hold a nice size chunk of acreage..

Permalink Reply by Ed Agostinelli on May 20, 2012 at 1:15pm

Let's hope

Permalink Reply by Ed Agostinelli on May 20, 2012 at 1:13pm

The originaal lease stated 25% Then 75% in one year. They cancelled on the last day. Didn't get the 75% and were forced to "Negotiate" we then got a 5 year lease that they could cancel every year. They made 3 payments then cancelled the 3rd year into the lease. I will retrieve the lease and give you the clause when I get back in town.

 

Thanks for your interest.

Permalink Reply by Tom Nickeson on May 25, 2012 at 3:19am

Ed and Matt,  I wonder if there were negatives coming from the recently completed seismic surveys that influenced Range?

Permalink Reply by Schnoozie on May 25, 2012 at 6:30am

Please encourage him to Join a group!! They will help, are trustworthy. and this will not happen to him.

Pedro offers you his protection.

Permalink Reply by Industry Watcher on May 26, 2012 at 5:45am

With gas prices being so low, a spread out 3,200 acre lease could find itself in an area where Range doesn't have enough contiguous acreage to form a viable unit.  Remember, the lower gas prices go, the longer the laterals needs to be in order to have economical initial production.  I've seen several "big" leases get surrendered simply because the property wasn't aligned well with other leases.

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