River Cities stops leasing

When I leased in the summer, my neighbors and I went through a group that River Cities represented. Cross Lake, south Lakeshore area. We got 15.5 and a quarter of well head price.

Well yesterday I received a letter from River Cities that says They have stopped leasing and all leases not paid are void. They went in to all the down gas price, bad economy, and world money crisis.

It sounds so bad, I don't expect drilling in this area, I think we will get a chance for a do over in 3 yrs because Chesapeake never got around to punching a hole up here to hold the lease.

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Permalink Reply by Bobi Carr ("parker") on October 19, 2008 at 18:12
What makes you think that Chesapeake won't get around to drilling it before your 3 years expires?
Permalink Reply by Gordan Tapp on October 19, 2008 at 18:32
Sorry it is Twin cities, not river cities

TWINCITIES
DEVELOPMENT
October 15, 2008
In the past you may have received offers from Twin Cities Development, LLC to enter
into an oil, gas and mineral lease on your property. Due to the global economic crisis of
the past few weeks coupled with a drastic drop in natural gas prices over the last 90 days,
effective immediately, any and all offers from Twin Cities Development, LLC to enter
into an oil, gas and mineral lease for your property are hereby revoked, withdrawn and
rescinded and are of no force and affect. This applies unless you have already executed
and delivered your lease to Twin Cities Development, LLC.
If you have any further concerns regarding this issue please feel free to contact us.
Sincerely,
Twin Cities Development

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