Chesapeake renewal

Lease is up this fall. 5 k/acre. Just curious, I know things are bleak for Chesapeake, but just wondering if anyone has any recent experience with lease getting renewed or not getting renewed?

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Permalink Reply by Booger on February 18, 2016 at 8:22am

the green means producing, the yellow means drilling/drilled....and the blue means permitted...........all those pink ones are old vertical ghosts.

Permalink Reply by Sumer Dawn on February 17, 2016 at 1:52pm

I was told that they are not planning to renew leases set to expire because of oil and gas prices.  It is not economically feasible at this time for them.

Mike MurphyPermalink Reply by Mike Murphy on February 18, 2016 at 1:42am

lots of rumors like to know what authority gave you your info  who told you that info...... CHK just renewed some leases  4 months early in Belmont county

Permalink Reply by Sumer Dawn on February 19, 2016 at 6:15am

I called the main office and they transferred me to a land man.  He told me that prices are to low at the current time and they would not be renewing leases set to expire.  I told him if that is the case I want a release to go with a different company. He was shocked that I asked for this.  I don't feel it is right that if they don't want to pay me to renew that they would feel they didn't need to release me from the lease that is up.

Permalink Reply by John on February 19, 2016 at 7:53am

thanks for the info. What county/township are you in?

Permalink Reply by Sumer Dawn on February 19, 2016 at 8:49am

I have acres in both Belmont and Harrison. I believe the township is Wheeling township.  

Permalink Reply by DA Saltsman on February 19, 2016 at 10:45am

Type in Ohio Revised Code 5301.332 and it will explain how to have a lease canceled. Site may not be "gospel" but it is a start.

Permalink Reply by Billy Park Whyde on February 22, 2016 at 12:38am

 Shocker CHK wanted something for nothing?

Permalink Reply by craig on February 17, 2016 at 2:40pm

I've not heard of anyone getting renewed.

I have a lease expiring 3rd week of March and another in October. Haven't heard a thing and really don't think I will.

They have no money either.

If the cracker plant gets the go ahead and we play are cards right, we will be more in the driver seat for the next round of leasing. And lessee won't be happy!

Permalink Reply by John on February 17, 2016 at 5:17pm
What county/state are you in?
Permalink Reply by craig on February 18, 2016 at 9:38am

John,

Beaver County, Pa. 

Everything drilling oriented is on hold in our area until Shell makes their announcement about the cracker plant.

There are a few areas where it does makes sense for them to spend their very limited capital on re-upping leases.

I believe CHK will be belly up or sold in the next 12 months if gas,etc prices don't go up in the near future.

Then they have lots of lawsuits to deal with on top of everything else.

Permalink Reply by Booger on February 18, 2016 at 8:27am

they have money and are re-leasing where it makes sense to hold the asset......leases are their biggest assets.....they are obviously in financial trouble ....this is why they may not re-lease in lesser areas, which they may have - if not for the financial trouble

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