Rainbow well, Frenchcreek township, Venango Co.

Has anyone heard anything about the Halcon well on Rainbow Rd in frenchcreek township. I believe the well has already been drilled and have heard they are getting good wet gas from it. Any info would be helpful. I have been aproached about leasing. I am on Niles rd. The well is about a 1/4 mile from my property.

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Permalink Reply by owner on June 3, 2013 at 11:55pm

I do not think the Rainbow well has been drilled yet, the Allam well has and it has the results you discussed.  The Allam well is also fairly close to you.   What company has approached you to lease?  Halcon?

Permalink Reply by Kevin Morgan on June 4, 2013 at 7:01am

The person that called me is a land man, said he is leasing for halcon. His initial offer is $3500 sign on with 18% with production costs. My lawyer just called and said he is going over the lease and will make a counter offer.

Permalink Reply by Oliver Perry on June 4, 2013 at 7:19am

The bonus money sounds fair but you certainly want no deductions on the royalty. Good for you Kevin and it's good for all of Venango County if Halcon starts leasing again.

Permalink Reply by dan jenson on June 5, 2013 at 4:30am

Do not give Halcon more than 30 days to pay in full.  They are the company that backed out on so many folks in Venango and Mercer County.For the few in the Allam area. this should more than enough time to run title..Not that busy in court house.....Good Luck!

Permalink Reply by Debbie on June 6, 2013 at 3:52pm

Got the same offer today.  It is now the 4th lease they have dropped off in the last year.  I must say this is the worst one yet although it is the best money.  Time to visit the lawyer again.  Definitely going to make a counter offer.  As far as I am concerned, no lease is better than a bad lease (which is probably why we haven't signed one!). 

Permalink Reply by Jed Clampett on June 7, 2013 at 1:40am

So what are they offering?

Permalink Reply by Debbie on June 7, 2013 at 3:08am

$3500/acre 18% for 5 yr.  It's all the other stuff we can't swallow.  Basically the usual....they decide everything and we go along with it.  Now lest you think that is something just O&G companies do...it isn't.  Just about every contract I've ever read starts with that premise for the person writing it. 

Permalink Reply by Martha Stevens on June 15, 2013 at 10:12am
Can you recommend an O&G lawyer in Venango county? We had a lease offer with a firm but I believe they are out of business. Now we need to start over.
Thank you
Permalink Reply by Kevin Morgan on June 16, 2013 at 5:29am

I am represented by the Marcellus Shale Law Group. They have an office out of Pittsburgh but when I checked around, they seemed to be the best for me. Their terms and rates are very reasonable. And my dealings with them for the past year and a half have been nothing but positive.

Permalink Reply by Martha Stevens on June 16, 2013 at 1:27pm
Uh....when was the last time you spoke with someone there? That's who has our lease. They agreed to negotiate it for us then dropped us like a stone. No phone calls. No emails for 3months now. Thought they were out of business.
Permalink Reply by Kevin Morgan on June 18, 2013 at 9:43am

Spoke to them this past Friday. Everything with them has been great for me.

Permalink Reply by owner on June 4, 2013 at 7:45am

Sounds like a fair deal to me just like Kevin said.  Also be sure to get a Pugh clause and be careful of the unit size.  Nice to hear Halcon is leasing again.   The Allam well seems to be a very good well!

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