All leasing comes to halt
talk to landmen working for HK CHK XTO DVN All lease active is on hold for unknow period of time. All draft have been stopped on present deals, will not be paid and these lease will terminate at end of draft time period. They have cut production money. However the good news is they will continue to drill the leases they have which is enough land to drill for the next 20 years
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Permalink Reply by D. Howard on
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I know what is going on in our nation with the stock market n such may have you wondering."is this another fall like the 80's?" I can be wrong, BUT, each year gas companies have a budget and some may have have exspanded theres(normal in Oct N Nov). the first of the year may be alil rocky but the patch aint shouting done just yet. people are seeing what is going on now the way the oilfield has done for years. for those that are in the patch with mud in there vains, you know what i mean, for those who are not maybe this will help you understand how it goes. again....dont be scared yet.
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Permalink Reply by J Todd on
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For what it's worth.....we were offered 12K/acre in Caddo, Sec. 28, 19N, 15W. We were all set to sign a lease and this a.m. the landman with whom we are dealing said he could give us a draft but it would not be honored for 90 days. He said he just got word from Chesapeake Hdqtrs. yesterday. Our lease has expired so we are now free agents. However, if you read the S'port Times, the CEO of CHK has sold most of his own stock in his company for financial reasons, so they must be in dire straits. The landman with whom we are dealing is one of the few who I think doesn't know enough to be slick. I truly believe the matter was out of his hands. We are no longer under obligation to them so if another opportunity comes along, we can make a decision then. Just thought I'd share my experience....
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Permalink Reply by Bobi Carr ("parker") on
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J. Todd,
The stock price for Chesapeake is back up to 21.58 today from the low of 12.19 low of Friday.
I wouldn't be surprised that McClendon doesn't have as strong of an equity position back in Chesapeake within the next 6 months.
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I hope you are right. I am still considering a lease with Manna who works for CHK. See my post below.
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Permalink Reply by Cleveland Steamer on
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He won't be able to afford to buy that many shares now. Since July his net worth has gone from $5 billion or so to perhaps as low as $50 million or less. He's now small time -- no more Forbes 400, etc.
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Permalink Reply by Magnolia - N4 on
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I heard the helicopters recently seen flying over this area south of Natchitoches may be doing seismograph. Anyone know if this might be possible?
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I was just informed that CHK has backed out of a deal, for some sections in Stonewall, that was made 2-3 months ago, with letters of intent signed over a month ago, but are following through with only a portion of them. I hope they realize that this is a clear case of false representation and I can assure you that we are not going to stand still for it!!! I personally have turned down several offers to lease, during this period, due to having already committed to CHK and if they have actually done this, I will be creating enough of a mess for them with lawsuits and media, that they will wish they had never done it.
If any CHK folks are reading this....please heed this warning(Gaurantee). This is the kind of actions that will make you and your company not welcome in my town and I think I speak for all of the other folks that have been treated this way. Wake up CHK....your not at home and you don't rule this state
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Permalink Reply by CR on
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I'm with you on this 100%. Pulling out of a deal at signing is a sure way to tell the community what a good neighbor you are. I'll be watching every water truck and rig being moved. It ain't hard to get the DOT weight division out and the Sheriff may need some more revenue close to the end of the year. The roads are already falling apart so where is the 1million they put up for repairs? I think it's time to spend it and get another million or two for future damage. We've all been real good about this but when they start the "we control everything" it's time to put on the brakes. I wish everyone who got hosed would tell them to take a hike when they come back next year. They can't make any money without our minerals. Lets see how many folks get a warm fuzzy feelin' next time they see the CHK commercial now!
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Permalink Reply by insomniacnla on
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For everyone that is planning on signing a lease with a delayed payment, it is a good idea to insist that the lease terms, including bonus, are spelled out in the actual lease. Most of Chesapeake's leases do not state the amount of bonus being paid in the lease itself.
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Permalink Reply by Bobi Carr ("parker") on
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Insomniacnla,
If they are getting a draft, why would it need to be spelled out in the lease.
I wouldn't imagine that the Lessor's would want this put on the lease.
IMHO
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When you say "MOST" of CHK's leases do not spell out the amount, where are you getting this? Not to be rude but have you personally read MOST of CHK's leases? I have talked with at least a dozen landmen and all of them use a fairly standardized form except for terms added by the lessor/lessees as a result of negotiations.
Depending on the co-owners in my section we are considering a lease with Manna who works directly for CHK. The lease amount is very clearly spelled out. They can't offer more than a 45 day draft (45 banking days, that is) because they are in the last quarter of this fiscal year.
HOWEVER, our landman is going to include a clause which states we can renege on the deal at any time before the draft clears. So I don't see how we have anything to lose.
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Permalink Reply by Bobi Carr ("parker") on
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J Todd,
The bonus is not spelled out on the lease. And if you get a really good lease, they will record a memorandum of lease instead of the actual lease.
They do this so that everyone won't know the particulars of the deal and want the same things.
No that GHS exists, the cat is out of the bag.
And why so defensive, I'm on your side, whether I read 1 lease of 100. I am just trying to be helpful.
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