Replies to This Discussion

Permalink Reply by Joseph-Ohio on June 11, 2012 at 11:05pm

Has Chesapeake morphed into 'the mother of all flippers' ?

Permalink Reply by Michael Dolezal CPA on June 13, 2012 at 4:11am

Leasing will slow in the next slow months and is already signs of this. Don't be surprised if another big boy such as Exxon or BP acquires this acreage, which will further slow the efforts of leasing

Permalink Reply by Joseph-Ohio on June 15, 2012 at 2:40am

Would like to think that the big guys would seize the opportunity to jump into the play as quickly as possible.

When it's our turn, our family would like to do as well or better than the most recent folks. In Trumbull (with BP as I understand it) they did $3,900.00 per acre for 5 years and 17.5 % with the option to renew after the initial 5 year term. Then I read where BlackRidge in Southern Ashtabula County signed folks using a lease paying $4,250.00 per acre for 5 years and 18 % with option to renew (they used a BlackRidge lease as I understand).

Also, initially I heard/read that in Trumbull there were about 84,000 acres signed with BP utilizing an ALOV lease agreement and then later I read that there were private landowners involved in signing up.

I have not heard how many acres were involved in the BlackRidge Southern Ashtabula signups as yet; nor have I heard if there were any individual landowners involved beyond the landowner group some have identified as the 'Magyar Group'.

Would like to know how the percentages of the signups finalized - that is to say what percentage of the total were private landowners and what percentage were landowner groups ?

Would also like to know if the lease agreements used were consistent among private landowners and landowner groups ? That is to ask 'did the private landowner signers in Trumbull have a different (perhaps BP lease) to sign vs. the ALOV lease'; or perhaps even more landowner groups and varying lease agreements were involved. ? ?

Any details beyond ? ?

Permalink Reply by Dan on June 15, 2012 at 3:40am

It looks like BP signed another 20,000 acres through the ALOV group. I think the big signing in Trumbull county started the ball rolling in at least the south county.

Permalink Reply by Joseph-Ohio on June 15, 2012 at 3:52am

How are the payouts going Dan ?

What (and when) are your predictions for those of us north of 6 ?

 

Permalink Reply by Joseph-Ohio on June 15, 2012 at 8:22am

Also BTW Dan, what counties are involved in the new 20,000 acres through ALOV - only Trumbull - or Trumbull + Southern Ashtabula Counties ?

Permalink Reply by Dan on June 15, 2012 at 9:47am

I believe is only Trumbull. BP has a ad in the Farm and Dairy saying they are actively leasing in  eight county's. Ashtabula is not on the list.

Permalink Reply by Joseph-Ohio on June 15, 2012 at 10:57am

Maybe that's not a bad thing.

Room for Exxon and Shell ?

Need to look at the bright side whenever possible.

I believe that BP is heavy into selling developed resources to foreign flags (like China).

Probably same holds true for Exxon and Shell however.

How about Marathon ?

Oh well - pay me the right money and I'm thinking it wouldn't be a deal breaker - but definitely not my preference

Permalink Reply by Mike T. on June 15, 2012 at 10:00am

The "Magyar Group" was really just a bunch of neighbors bordering Maygar's land, not a landowners group per se. All were private landowners, but as I understand it, Maygar negotiated the lease.

I am a private landowner not involved with the "Maygar Group", but signed with BlackRidge at the same time. Any landowner within the target area got the exact same lease as those with the Maygar group.

I don't know how much land Blackridge actually signed, but they were hoping for 10,000 acres.

Permalink Reply by Joseph-Ohio on June 15, 2012 at 10:23am

When I first read about the 'Magyar Group' it sounded to me like the 'Hungarian Group' as 'Magyar' is generally interpreted as meaning 'Hungarian'.

'Magyar' is generally (phoenetically) pronounced 'muj-ar' in the Hungarian lanquage.

I know a little about that as I'm 50% of Hungarian descent on my mother's side and spoke the language as a child - but since have lost most of it.

Just as a matter of interest - nothing more. 

Permalink Reply by Joseph-Ohio on June 15, 2012 at 10:29am

Thanks Mike T.

North of 6 and standing by.

Permalink Reply by Ed Ganelli on June 15, 2012 at 11:03am

Yeah...the "Magyar Group" never really was a "group" as most on this site think of a group.  Jeff was interested in leasing, as were many of us who owned property adjoining his.  Everyone was tired of Wishgard and other lowball flippers, so Jeff formed a group that was quite different - nobody signed on to "commit" to the group...nobody was bound to accept an offer regardless of whether or not some in the group decided to accept it...and the group over time just kept growing.  Originally, we wanted to keep it all contiguous acreage, but eventually starting accepting a few landowners who were close, but not quite, contiguous to other properties in the group.  Unfortunately, when Juhasz signed their properties with BlackRidge, BlackRidge made a "target area" that wasn't going to include a few group members west of him.  Good news is that BlackRidge HAS been moving slowly west to accept more properties as more landowners want to sign up with them...maybe soon will reach to Rt. 45, hopefully!  BlackRidge is still set on accepting acreage northward ONLY to the Wayne Twp./Cherry Valley town line.   BTW...I've heard that BlackRidge has now signed up 10,000+ acres in their target area...

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