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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Replies to This Discussion
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Permalink Reply by Snake Stewart on
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Curious thing about some of the withdrawals around my part of town is the fact that they do have other leases already in those sections. I dont feel many if any will go to waste.
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Permalink Reply by RONNY on
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Snake,
You can bet when they come back to lease the rest of it they're gonna poor mouth everybody cause the bad ole economy caused 'em to have to lower their lease bonuses. You are about to witness the major reason to stick together as group. You can bet they will try to make people feel like they're going to miss out if they don't take lower bonus amounts. NOBODY should take one penny less than the last highest offer in their section. JMO
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I have already sent my apology letter off to them Mr. Ronny , havent you ? It is landowner greed that has gotten us where we are today.(LOL)
I agree wholeheartedly with you about the groups. We still have open enrollment because we still havent even contacted the O&G's yet. Nobody really knew for sure about the economic downturn but we did know that the best deals werent to be had in month 6 either.
It will be extremely difficult to hold everyone together because there are many that feel they have missed out and the P.R. job that the O&G's are doing will pay off at first for them when they begin to lease more heavily again. In the long run they have shot themselves in the foot IMO tho and it will cost them far more in the long run with the people still unsigned and willing to be pooled vs cheap bonus and soso royalty %.
Have a good one.
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Permalink Reply by H P Bryant on
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I don't beleive that they would pass up leasing the last 100 acres or so in a sec if any way possible. They want that 75% pretty bad. They don't want any WI out.
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Permalink Reply by RJ on
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Cory you may want to check with JPD energy to see what your staus is. I have heard FROM JPD no Drafts will be paid until JAN IF then.
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Permalink Reply by wpt9452 on
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A friend of mine got a letter from J. Merrill and pretty much said what we already know. Cheasapeake is no longer interested in leasing and the 700 million loan is for drilling and pipelines. So it looks like a few people will fight to get their leases paid and the rest will have to wait. It looks like the horizontal drilling and big wells have caused the excess in gas and brought the industry to a near standstill. Who would have thought crude oil would go to $70 a barrel? It was fun while it lasted and hopefully we have learned much about the oil and gas industry as we have about ourselves.
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Whats time to a hog.All I got is time. One of the main things I have learned is that shale gas doesnt ooze out. It will have to be drilled and fraced to get it out. That said , I know mine aint going nowhere and it will be worth much more in three years then it was 6 months ago. The other thing I learned is that the O&G's already knew this and was trying to keep it to themselves.HA!HA!HA!
The same greed that they accuse me of having will force them to come get the gas floating around under Lake Snake.Even at $6.00 a mcf. There is too much money to leave it there forever.And besides, they have to make as much profit as they can with N/G before the next wave of alternate energy is developed.Many of the current technologies are tied up by the O&G's.They wont be able to do that forever.
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Permalink Reply by Bobi Carr ("parker") on
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Snake,
I find it interesting that all of these companies are sending out letters stating that they don't want to take any more leases at this time.
Don't you bet it is causing their phones to ring off the hook with people begging them to lease?
I think I'll send letters to all of the car dealers in town telling them I'm not in the market for a car any time soon - wouldn't that be odd.
Why put forth the effort to send letters saying you don't want to lease?
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Permalink Reply by Dena A1 on
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That is a very interesting question Parker. It maybe to feed peoples fears to want to take anything they have to offer in fear of being left out, when they are ready to lease. Your thoughts.....
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You are right Parker. When they were till trying to lease (wink,wink) , some couldnt even get the O&G's to return their calls after they got their signature on paper.Now they want everyone to know they are leaving town and dont want to be disturbed.
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