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Getting close to the donut hole?

Absolutely.  It's just taken longer than most of us thought.  Urban drilling will likely continue although slowly at current prices.

Chesapeake was rushing to lease in Sec. 34 of 17/14 in summer of 2012 and quickly leased land from a friend of mine for $4000 an ac. Then nothing ever happened. They lead him to believe they would drill within the next 12 months. 

Check out the price range of NG in the summer of 2012.

Gas was cheap that summer, yet Chesapeake really wanted to tie up those properties. Our friend didn't even know he owned the minerals as he had sold land for the 3132 Loop years ago. Also Chesapeake only asked for a 3 yr. lease and told him they were tying up the land that wasn't leased and planned to drill soon. Also $4000 per ac. was high with cheap gas. Doesn't make a lot of sense


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