Revised lease

Antero contacted us to sign a revised lease 2 weeks back. We originally signed with eclipse ,who sold to antero and now just 2 weeks from drilling the laterals on the Mahoney unit they are offering a signing bonus to sign this lease.....anyone else get approcached? It all seems fishy to me......Can anyone help with a name of a good G&O attorney ?

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Permalink Reply by scott peterson on July 14, 2014 at 2:54pm

Mary is your land on Sycamore next to Traska's?

Permalink Reply by Mary Schultz Price on July 14, 2014 at 10:48pm

on mt zion

Permalink Reply by scott peterson on July 15, 2014 at 1:01am

Ok i know where you are. I am about 2 miles away.

Permalink Reply by Philip Brutz on July 16, 2014 at 3:22am

Mary, do you live on this land?

Permalink Reply by Finnbear on July 16, 2014 at 1:43am

Absolutely do NOT ever trust their word. They will tell you whatever they need you to hear in order to get you to sign and you must know exactly what you are signing away. Have that attorney go through the old and new lease word by word and explain to you what is changing if you can't decipher it for yourself. If they are offering you $1000/acre for the revision, you can be absolutely sure it is worth many times more than that to them to do so and you may be giving something up in the process. Everything they do is about making more profit - that is what drives the entire energy industry. Don't get me wrong, profit is not a bad thing, as long as it doesn't come at your expense. If they are going to make more off your minerals, you should share in that increase.

Permalink Reply by The Hiker on July 16, 2014 at 3:07am

Hear, Hear.  What Finnbear sez is truth.   Many others with Oxford/Eclipse leases have received $1500/acre and a 2 1/2 % increase in royalty rate for signing plus other protections, and you will too if your attorney is up to it.   This is your golden opportunity to correct stinky provisions in the original lease like shut-in payments, etc and you'll never get another chance to do so, so make sure your attorney practices oil/gas only and not real estate, divorces , oil/gas, lawsuits, etc....   Oil and gas only.  If he/she doesn't, pay them off and get a good one that does.   There is wording in the lease (and wording that should be in the lease) that he/she will miss unless they deal with this kind of thing exclusively.  He may say "I do oil and gas", and I'm sure he means well, but beware.   IMHO.

Permalink Reply by Philip Thackray on July 15, 2014 at 12:28am

Mary,

Here is how to find the maps.  Sorry for the length.

(Note: The ODNR application can have problem sometimes.)

 

Go here:

http://oilandgas.ohiodnr.gov/well-information/oil-gas-well-locator

Note: Click = left click mouse

Click the “Launch the Oil and Gas Well Locator” bar.

Click through the disclaimer page (you can opt to permanently skip this page).

When the map of Ohio appears with county outlines, double click on Noble County (find the shape as there are no names at this zoom level) which zooms you in one level, the county names will appear.  Move your cursor (pointer) over Noble County, press and hold down your left mouse button (cursor turns into a hand) and move Nobel County to the middle of the screen, release the left button.  You can use the “hand” to move around anytime.

Continue to zoom in on your location using the mouse wheel.  Use the hand to center your location as you zoom in.

At the fourth zoom level the well horizontals will be displayed as straight lines with arrow ends originating from a colored dot.  Your well pad is the orange dot in Beaver Township with the five wells all going South East and no wells going North East.  Use the hand to center your well pad, put you pointer on the pad and zoom in six more levels.  Allow the map to completely redraw at each zoom level.  Five numbered wellheads will be displayed.

There are eight symbols in the white bar at the top.  As you scroll over them their function is displayed.  Click the small “i” (Identity Window).  An Identity Window dialog box appears.  In the dialog box there is an “Identify from” rectangular box.  Click the arrow at the right of the box and then select “Well Search” with a click.

Now, put the point of your arrow in the center of the left most Wellhead dot (24484) and click.  In the box that appears click “Well Summary Report Link”.  When that window opens up, scroll down to see a list of clickable .pdf files.  Click on one of the ones named PLATMAPS – those are the maps for this well.

 

You can also start from the “magnifying glass” Search Window in the top white bar but you will still have to follow most of the steps detailed above.

I hope this helps.

Phil

Permalink Reply by Mary Schultz Price on July 15, 2014 at 2:25pm
Thanks again Phil....your Great!!!
Permalink Reply by Curtis Huffman on July 15, 2014 at 6:34am

hard to find a good one that has not all ready been bought and paid for....oh, i mean there are incentives to overlook some little details such as shut in requirements and what actually constitutes the action of tieing up your lease...no longer just an access road will do it....demand a well be spudded to hold your lease....and watch out for those "noncontiguous" drilling units; or you could be assisgned to one that is allready  shut in and your lease can be held indefinitely.;

 

Permalink Reply by Jan on July 21, 2014 at 6:42am

Mary,

Just curious - are they wanting to amend the pool size to 1280 acres?  They may want to go NW off of the same pad, just like they are doing to the other wells near you.  That would fill in some areas west of where the Collins wells will be going - plus have heard of another pad on the Hall's property directly north of you. 

Permalink Reply by Mary Schultz Price on July 22, 2014 at 11:31pm

not sure Jan but if that's the case,they

have a fifth well on the pad they can shoot off of to the northwest

Permalink Reply by Jan on July 28, 2014 at 7:26am

Mary,

Do you have any updates for us on what Eclipse is doing?  We saw yesterday that there are big cranes up on on pad - must be getting ready to move in the big rig.

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