Our family has been under lease with several companies but most recently Weatherly which declared bankruptcy. Just recently we have been approached by another company to lease the property. What are the going rates?
Ann, specifics are important and there is no such thing, for me, as a going rate. Much depends on the location, the number of acres, the lease terms being offered and whether there is potential for competition for your lease. Weatherly has/had? leases in section 15 - 17N - 12W and sections 17, 20 & 29 - 17N - 11W which would be valued for the Haynesville Shale. The company has rights in other sections in this general area of the Sligo Field which ma also include the deep rights. Much depends on which section your minerals are in regarding which company would value them the most.
Thank you for the information. Our original lease was with Chesapeake and 3 days before that lease expired they began installing the equipment and drilling. We received royalties for a couple of years and they put it in a shut out so all royalties stopped. It was then sold to Weahterly. We are in the Ashland Field and have 26 acres of the 640 acre Guin property. Does this help?
Yes, it helps but not what I was hoping for. Since most of what Weatherly has is in the Sligo Field, I was hoping your minerals were there. There has been nothing in the way of new wells since that handful of early Chesapeake wells in the Ashland Field. I don't see any current interest as far as drilling but it is nice to have a lease offer. If you can share the terms being offered I will give my opinion but I doubt there would be an opportunity to set up a competition with other potential lessees.