ECLIPSE RESOURCES AMENDMENT TO CONTRACT EXTENSION
I HAVE BEEN CONTACTED BY ECLIPSE ABOUT AMMENDING MY CONTRACT ALONG WITH SEVERAL OTHERS IN MONROE COUNTY OHIO. MY CONTRACT IS SIMILAR TO THE SEOLA CONTRACT DONE BY JENNIFER GARRISON. THEY WANT TO PAY ME IN ADVANCE $1,000 AN ACRE TO CHANGE MY CONTRACT TO 5 -0NE YEAR EXTENSIONS INSTEAD OF THE $5,000 AN ACRE FOR THE ONE TIME RENEWAL. MY CONTRACT DOES NOT EXPIRE FOR ANOTHER18 MONTHS. I UNDERSTAND WHY THEY WANT TO DO THIS, BUT THE AMMENDMENT IS SEVERAL PAGES LONG. I LIKE THE CONTRACT THE WAY IT IS WRITTEN NOW AND I AM AFRAID THE WORDING CAN CHANGE OTHER PARTS OF MY CONTRACT. I AM IN CONTACT WITH MY LAWYER TO DISCUSS THIS, BUT I WAS WONDERING WHAT OTHERS IN MONROE COUNTY SIGNED WITH ECLIPSE THINK OF THE WORDING OF THIS AMMENDMENT.
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Replies to This Discussion
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Permalink Reply by jerry lee nichols on
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Wow, over the counter mkt then. Have a feeling it will need a lot of on hand capitol to survive.
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Permalink Reply by luke s on
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WHAT HAPPENS TO THE PEOPLE THAT SIGNED THE EXTENTION OF THE CONTRACT IF THEY GO BANKRUPT? I AM KIND OF GLAD I DID NOT. IT IS NOT THAT I AM WISHING FOR BAD NEWS FOR ECLIPSE. THEY HAVE BEEN VERY GOOD FOR MONROE COUNTY IN GENERAL. I HOPE FOR THE SAKE OF THE RESIDENTS OF MONROE COUNTY ECLIPSE CAN PULL THRU THESE TOUGH TIMES AND MAYBE I CAN WORK SOMETHING OUT WITH THEM IN THE FUTURE.
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Permalink Reply by Olive Sue on
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An attorney has said that signing the amendment with the 5 yr option will be no different than if it (bankruptcy) happens in the term of the lease, so if it were to happen before your lease expired your involvement would be the same either way. It would seem the biggest reason to have signed was to preserve good lease language as well as getting payment for first year within 90 days.
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Permalink Reply by old trapper on
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That's why I signed I will have my check in about 48 more days .
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Permalink Reply by searcherone on
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Curious, if anyone who signed has received their check yet? It's possible as Eclipse/Holland services started this process in mid-September.
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Permalink Reply by jerry lee nichols on
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well Evidently Jennifer G. had made a deal with eclipse for some of her client but the company cancelled the deal day evidently this Holland does a better job for them. She seemed rather upset by this sice she lost clients, but as I told my mother, they have a lease til 3-16 and then they can renew or not.
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Permalink Reply by Fast on
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Sometimes I'm not sure how this works but I will tell you this. If my agreement/lawyer was with Jennifer garrison and made the deal and eclipse pulled out to use holland.. As a landowner I would tell them to go pound salt. You are not going to dictate to me who I can or can't use to close the deal. You want my land ... You will do it my way. People need to push back and quit letting the oil / gas companies call the shots. They need something from you people. Not the other way around. This is why this site has multiple horror stories. Soon I will be in this position and I can assure you it will be deal or no deal.
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Permalink Reply by WranglerRouser on
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