UBELIEVABLE,, DID NOT SEE THIS COMING

Just got our January and february check from Chesapeake, after not being paid for last month thought things would be a little better, uh uh, two months check from cheasapeake was $52, and they took out $383 for gathering, pretty soon I guess I'll be paying them to pump all the gas, they said that their producers rate went up, wish we would have never got involved with Chesapeake. Guess I'll have to join one of the class action lawsuits against them,, wish I lived at my place in pennsy, but I'm in jersey

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Permalink Reply by Samuel J. Orr on April 27, 2013 at 11:58am

Supply and Demand. O&G companies' appropriately want to acquire leases for the least amount of money and with the lowest royalty percentage possible. If you owned the O&G company, this is what you would do. If you own stock in an O&G company, this is what you want them to do, and what they are obligated to do. Market conditions and the presence or absence of competition among O&G companies are what determine lease offers. It's all just economics 101. (I apologize for post because it is not relevant to the thread! We all make mistakes.)

Permalink Reply by LW on April 28, 2013 at 3:01am

JK, That is a nightmare.  I hope it ends soon.

Permalink Reply by Fred Flintlock on April 28, 2013 at 6:27am

JK, How many acres do you have in the unit?  Tx

Permalink Reply by JK on April 28, 2013 at 12:19pm

Fred,

We are not in a unit.

We own 1267 acres, fee-simple..

Permalink Reply by Fred Flintlock on April 28, 2013 at 12:51pm
I'm not sure how that works but thanks for your response.
Permalink Reply by JK on April 28, 2013 at 12:54pm

We own both surface and minerals totally.

We are independent.

Permalink Reply by wyalusing jim on April 28, 2013 at 1:00pm

i think he is wondering how it is that you are hbp since you arent in a unit jk.

so am i.

wj

Permalink Reply by JK on April 28, 2013 at 1:13pm

We are leased with CHK who is stringing us along with no further development.

We are down to 4 wells with 2 turned off for now and even those wells are on timers to run a few hours a day.

Our lease is without deductions and that's the only good part.

They refuse to drill the Marcellus until who knows when.

Permalink Reply by wyalusing jim on April 28, 2013 at 1:22pm

ohhhhhhhh!

you are hbp with shallow wells? are you the only one collecting royalties on those shallow wells?

wj

Permalink Reply by JK on April 28, 2013 at 2:27pm

Our wells are in the Oriskany and are below the Marcellus to depths of 8000'. CHK refraced them 4 years ago and went much deeper.

2 family members and I own 2/3rds, a cousin owns 1/3rd.

 

 

Permalink Reply by Fred Flintlock on April 28, 2013 at 2:23pm

oh, so your getting royalties from a non Marcellus well.  Makes more sense to me know. 

Permalink Reply by john williams on April 29, 2013 at 4:06am

I never did get involed with chesapeake...they bought shares in my unit..Then statred making deductions against royalties..When i signed with chief who was not taking deductions.How about that one.Crooks

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