Replies to This Discussion

Permalink Reply by David Allen Lilly on September 4, 2018 at 8:19am

I will do my best to help, some of the answers might be in the lease you signed as far as some of the notifications you asked about.

"Recently, just contacted to buy my mineral rights by Purple group."

Forget about it. Bad idea. Give away your money.

"Before drilling, does Ascent assign my minerals (I don't own land, just minerals) to a group of a certain amount of acreage?"

They will unitize you into a drilling unit.

"How do I find out what my well name is, when the time comes?"

You will probably find out second hand, I found out from people on this site who knew of the permits that came across the county engineers desk I think. As far as I knew the ODNR web site was about 6 months behind on information, so even if you check the site map every day looking where your mineral rights are for a new unit you will probably be behind in the news.

"Will Ascent inform me of when drilling will start, if ever?"

Your lease may have language that requires notification, mine did not even though it is a great lease as far as terms of royalties. The first notification you receive from them might well be your division orders, and those will be sent out after the well is producing and will be the last step after you sign and return before you get your royalties. I don't know of any producer who will send out checks if you don't sign and return the division orders.

"Will this info on the well's name, etc. come from Ascent when the well is drilled or is there another way to find out."

Unless your lease requires notification, probably not, at least until you get your division orders. I found out about ours through my contacts on this site but as I live here it wasn't a surprise because until we moved last year they hardly turned a spade of dirt without me knowing about it because I am always around. We still have our place just outside of Quaker City. I used to go up 22 when I had my business and saw some of the activity up that way but not any more.

Permalink Reply by nc man on September 4, 2018 at 1:10pm

David,

I so appreciate the time and knowledge you shared with me, and others like me, that is far behind the eight ball when it comes to the oil industry.

My late Dad quick claimed the mineral rights to myself and two brothers years ago.

Didn't think much of it, then..

We have been leased twice so we feel we have a good spot but in the seven years, we still have not heard a peek from Ascent, about drilling.

We hope the 80 areas will soon be drilled.

There is a conflict of interest with my two older brothers feeling like they want to sell the right.

I do not agree and hope there is a way for them to do as they wish with their shares and I can do what I wish.

Everything is on one lease for the 80 acreas and is divided equally amongst the three od us.

I, also, believe I would be foolish to sell and have no intention to do so.

I am so appreciative of the time you gave me.

Things are clearer, thanks to you, and I will get my lease out and take a look concerning the info you gave me.

Wishing you a great and happy life in your new home.

nc man

Permalink Reply by David Allen Lilly on September 6, 2018 at 12:53am

I said this years ago when we were drilled, I wish Chesapeake would have waited, and I still feel like the upside is drilling later rather than sooner.

I believe oil prices will continue to rise as the economy continues to recover from the boosh-obama debacles, especially when these trade issues are resolved.

Our property is in the oil rich part of Guernsey county, my comments may not help if a landowner is outside of the scenario we are in.

I understand fully the eagerness to get drilled. What I don't understand is why your brothers would be eager to sell their royalties. Do they fully understand what that means ?

Permalink Reply by scott peterson on September 6, 2018 at 1:44am

NC Man, I hope & assume that you & your brothers have a good sibling relationship as it should be. A friend of mine found out the hard way with his sibling that he did not have a good relationship with that anyone on title can sell the mineral rights without the consent or knowledge of the others on title. Just thought I would point that out to anyone who is unaware of this.  

Permalink Reply by nc man on September 6, 2018 at 7:34am

WOW!!

Did NOT know that!

Not good to hear!

Sadly, not in a good relationship with my brothers, either.

I can only hope they don't know about this.

My brothers are older than I and I think that is why they want to sell, if the $$ is right and tired of waiting.

I wouldn't even know what would be a fair amount for my brothers to accept because I don't know what amount of $$ (royalties bring in) and how long it takes for the first royalty check?

We own just the mineral rights on the 80 areas in the K&R Conservation land, north of Rt. 22, east of Skullfort Rd. in Section 21, Londonderry Twp.

If, you do know, about the amt. of $$ for royalties and the time it takes to see any $$, I would appreciate if you could  let me know at your convenience.

It was the Ascent Resourse man that offered to buy our rights when he was talking to my brother about any future drilling. Also, the "purple" group (first contact).

When we first signed our lease in '12, we were told by Collen Wheatley, County Clerk in Guernsey, that our minerals were in the "sweet spot" but so far no drilling.

I say, we have waited 6 years, to be drilled on, what's a few more years? Fingers crossed of course.

Re-leasing with Ascent twice isn't bad!!

My brother did tell me, after talking to the Ascent Resourse people, a few weeks back, that the land where our minerals are, is "PROPOSED", 

What PROPOSED really means in the o/g industry would be a guess on my part and if it is in the near future (the proposal)???

I sure do appreciate your reply, Scott.

Now what?? ------- just thinking out loud

Thank you!

nc man

Permalink Reply by bo boboski on September 6, 2018 at 7:52am

NCman. good news is, your royalty amounts will not change whether or not your brothers sell. They'll just get theirs now. Or a small portion of it.

Permalink Reply by scott peterson on September 6, 2018 at 8:15am

There would be no royalties if one party sells the mineral rights to the entire acreage.  

Permalink Reply by nc man on September 6, 2018 at 8:36am

Fingers croosed my brothers won't do this behind my back.

Thanks Bo and Scott!

Permalink Reply by bo boboski on September 6, 2018 at 7:27am

Ascent rig. Just east of Antrim on Rt.22 . Red Hill farms pad. They have 4 new permits to drill long laterals S.S.E. towards I-70

Attachments:

• output (22).jpg, 946 KB

Permalink Reply by nc man on September 6, 2018 at 8:42am

Bo,

Thanks for the info/attachment.

I see Antrim is south of us.

They're going away from us. :)

From what others have stated----it's better not to be drilled.

Why is that?

Hope all is well.

Thanks!

nc man

Permalink Reply by bo boboski on September 6, 2018 at 1:17pm

Only reason I see that it would be better "not to be drilled" would be the possibility of the price of oil&gas goes up. But looking at history, it could go either way. Some of the wells in Guernsey county,the longer laterals are producing 1200 barrels of oil PER DAY! lets say you get in a unit with 4 long laterals,even 2.  You do the math. 

Permalink Reply by scott peterson on October 3, 2018 at 2:34am

Any new news on the Jupiter well on 265?   

• ‹ Previous
• 1
• 2
• 3
• Next ›
• Page