Lease meeting for Jefferson,& Belmont Co.

I just left a meeting in Wintersville, for leasing in Jefferson County and Belmont County. A group by attorneys Tzangas Plakas
Mannos Ltd. Offered 5000 and 20% for Jefferson and approx 6200 and 20% for Belmont Co. Said the need to know by next week I f I'm in or out. Caught me off guard. went from o interest in Jefferson to anyone can join. Does anyone know what Company this may be. Fee to be paid by Company.

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Permalink Reply by Terry giuliani on July 31, 2013 at 12:12pm

Fang

Aug.8 is the deadline to join the group.

Aug.14 is the follow up meeting & begin lease signing

Aug. 30/31 Final lease signing

Depending on the amount of acreage submitted by deadline,TMP/Corabi reserve the right to extend the deadline for particular parcels. I believe it will be offered one lease fits all.

Permalink Reply by Terry giuliani on July 31, 2013 at 12:24pm

Fang

They would not tell us anything other than they had plenty of money to drill and that it's not Chesapeak. That's what makes it questionable.

Permalink Reply by Corvette on July 31, 2013 at 12:38pm

Fang, The lease is landowner friendly. No disposal wells,no injection wells,no storage fields, no compressor stations. They pay you $30,000 if a well is drilled. I know  some have gotten more for a well. But $5000 an acre 20% gross, the company pays attorney fees. If a well is drilled and your property taxes increase the company pays. All in all not too bad. If you sign now you are only signing to be part of the landowner group.

Permalink Reply by Corvette on July 31, 2013 at 10:42pm

Fang, Thank you for the good wishes. The company is paying the attorneys 6%. If you join you are obligated to stay with the law firm for 6 months. If you are in the group and choose not to lease with them and sign with another law firm and the terms of the lease are similar then you are obligated to pay 6% to Tzanges Plakas.  Not sure that I like that part but I do believe in strength in numbers. I am basically looking at the protection of my property in this lease. The attorney told me this is a company with lots of money and they will be drilling. Could be XTO as a lot of people around me are leased out to them.

Permalink Reply by Terry giuliani on August 1, 2013 at 4:21am

Max

The way I understood it was if you refused this lease agreement and signed another lease with the same CO. that they introduced us to we would be required to pay fee anyway. Kind of like a real estate agreement were they would introduce you and for 6 months you would be required to sell through them. The local attorney in this deal has been my attorney for 30 years. He did all the deed and title work when I bought the property  years ago. He has done a few group agreements already with different Companys.

Permalink Reply by Corvette on August 1, 2013 at 5:17am

Terry I have not had dealings with him but if you dealt with him for years  and are still with him he must do a good job. Tells me  that you trust his work. Correct?

Permalink Reply by Terry giuliani on August 1, 2013 at 6:03am

Joe Corabi is the Jefferson CO. Common Pleas Judge. He has been a personal friend for 30 years. Are Kids went to school together. He has numerous Real Estate dealings of his Own and has transferred many properties and an apartment building for me with no problems. His office is 100yards from the courthouse and he has checked on my previous lease with Range with no charge. I have no experience with the other lawyers, but I can tell you Joe will not hurt you.

Permalink Reply by Mike Sero on August 1, 2013 at 6:25am

Fyi, just leased 6500 and 20% in Belmont and 5500 in Jefferson for client of mine I'm paid by the leasing company.

Interested let me know. 

Permalink Reply by Terry giuliani on August 1, 2013 at 7:28am

Mike  I would like to look at any and all offers that may be available. Let me Know how to contact you when you get a chance. I was looking for 6200 and 20% in Jefferson.

Permalink Reply by Mark McGrail on August 1, 2013 at 9:36am

Terry,

I know of some companies interested in Jefferson and Belmont County's.

In order to receive offers you will all need to submit parcel numbers.

I see Mike has made a similar offer.

So if it were me I wouldn't be so quick to sign a marketing agreement you may be able to get a good lease on your own.

I'd submit your information to as many companies as possible.

Let me know.

Permalink Reply by Mike Sero on August 1, 2013 at 9:45am

I concur with Mark, why pay the lawyers a percentage when you can get it for free, and they are I'm sure making sure they are part of any renewals also. Me I get paid by the leasing company and I bet its same company they are representing. And I noticed they are taking little off the top dollar for themselves it looks like.

Permalink Reply by Mark McGrail on August 1, 2013 at 10:43am

P.S

I am not promoting one company or another or one offer or another.

I merely suggest that there are many offers to be had and that land owners review them all.

If you sign with a land owner group you are stuck.

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