Does anyone know how long it takes to put a well up?
I signed a lease back in Jan. of 2007 for $100.00 per acre and 3/16 royalties with Winchester. They didnt even file it at the couthouse until 6-2008 when I contacted them to ask a question. Pretty shady huh? My neighbor also signed the same lease but a year before. The same company has come to him to extend his lease at $8000.00 per acre and 25% royalties because they said they were not sure that they would have the well up before his lease expired. I was told that they would most likely NOT come to me to extend my lease because the well would be up AND producing by the time my lease expires in Jan. 2010. I have sent my lease to an attorney and was told there is no way out of the lease. If anyone knows ANYTHING please let me know. Thanks.
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Replies to This Discussion
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Permalink Reply by Russell Plilar on
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I was contacted back in 8/06 a by Landman representing Petrohawk Oil & Gas from Houston, TX regarding property we own (family members) in and around Logansport (Desoto, Parish) Louisana. Paid us $1500.00 per acre to explore until 8/09. Does anyone have insight as to what is transpiring around NW/4 Section 13: T11N-R16West. Thanks much.
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Permalink Reply by herefordsnshale on
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Russell,
It looks like you may be in the same section I am. Contact me at herefordsnshale@wildblue.net.
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Permalink Reply by Christina Dungan on
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I am in Section32 . I have been told that I am pretty much stuck in this lease until it expires. I believe that we were decieved and now we are out all of this that is being offered to everyone else, including the increse in royalties. So are we out of luck? Chesapeke has contacted me and I did give them my info but I am pretty sure they will find the lease and then decline the bank draft IF they get that far. What do I do? Thanks
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Permalink Reply by Cillian on
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What do you mean when you say "they didn't even file in at the courthouse"? I'm not sure I understand that part. At any rate, I might be able to help you on at least one part of your question: it currently takes about a month from bringing in the rig to spud and production. In their last teleconference (the one with PXP) Chesapeake wasactually talking about bringing that time down to 17-24 days or something like that. The name of the game is efficiency - both in cost and time.
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She was talking about the company filing a copy of the lease at the courthouse. Oil and gas leases are filed on public record, like all legal transactions.
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