I heard from my one of the guys down the road that Jack Black in lavalette was contacted about drilling on his property I was hopeing to see if I can get them to drill on mine as well, Larry I am on dalewwod dr
I got some info through the grapevine that drilling is moving toward Wayne County. Trenton Formation, to be particular. I heard that a well came in in the Trenton, and was producing like gangbusters. If you're being offered low bonuses/royalties, you should consider waiting a year or two to see what happens. Of course, if they're offering a lease with great terms, it might be worth it to sign now. Just keep the primary term short -- one, two, or three years at most. I'll be posting this on the County page as well.
i heard they offered the guy next door jack black, something it is second hand from another neibor who is a good friend roger adams, both my land and blacks go up to the ridge, I was hoping to find out who is doing the offering, let me know who I can contact if you hear, roger said others that surround my land have been spoken to as well, they do have larger tracts, jacks is 120, and the over the ridge is 80, I have 30 acres. thanks for finding out at least their is some interest, and I know jack has good roads on his land, I have good trails on mine. I can be reached at 304 523 0645, or once I switch back to my cell 304 360 5900...larry
larry street said:
i heard they offered the guy next door jack black, something it is second hand from another neibor who is a good friend roger adams, both my land and blacks go up to the ridge, I was hoping to find out who is doing the offering, let me know who I can contact if you hear, roger said others that surround my land have been spoken to as well, they do have larger tracts, jacks is 120, and the over the ridge is 80, I have 30 acres. thanks for finding out at least their is some interest, and I know jack has good roads on his land, I have good trails on mine. I can be reached at 304 523 0645, or once I switch back to my cell 304 360 5900...larry
I hope every1 don't jump at there 1st offers so we can get all we can get. they are at $200-$250/acre iv seen online WV places are getting $1300-$1500/acre so I think they are low balling us
YES I WOULD NOT TAKE THE LOW OFFERS THAT IS EXACTLY WHAT HAPPENED WITH THE LAND I HAVE MINERAL RIGHTS TO IN HARRISON COUNTY, WHO EVER IT IS THAT IS RELATED TO ME THAT ARE PART OF THE OWENERS , THEY HAD ALLREADY JUMPED ON THE FIRST OFFER, 3 TRACTS AND THEY GAVE EACH ONE OF US 1500 EACH TRACK IS 300 ACRES...WHAT A SCAMM, THAT WASENT EVEN WHEN IT COULD HAVE BEEN 750,000 SPLIT BETWEEN THOSE OF US..
What the oil n gas company are doing is paying forced pooling prices, with out forced pooling..i did get my contract changed on the royality to 20 percent at the end, not at the well, so that was something at least//
larry street said:
What the oil n gas company are doing is paying forced pooling prices, with out forced pooling..i did get my contract changed on the royality to 20 percent at the end, not at the well, so that was something at least//
So if they force pool u can u get what other landowners next 2 u got?
yea penny's on the dollar for your initial payment per acre .........this is land in Harrison county that I only have mineral rights too, and their are 15 or 20 other people on the rights, I was one of the last to get a contract, and even with 20 people, 1500 x 20 is cheap...for 3 300 acre tracts of land...I had figured it out before to be 750,000 if they paid going rates for the hold outs or new mexico process for Marcellus shale that is what they are going after in Harrison county...here in wayne is probally only gas, I have seem them putting in new gas lines down beach fork road, so 250 per acre, plus 20 percent may not be so bad..for gas only ...yes forced pooling you all get the same, but it is cheap low ball price, it favors the oil co...they are trying to enact forced pooling now.............but they are paying just that in Harrison county...no more..
larry street said:
yea penny's on the dollar for your initial payment per acre .........this is land in Harrison county that I only have mineral rights too, and their are 15 or 20 other people on the rights, I was one of the last to get a contract, and even with 20 people, 1500 x 20 is cheap...for 3 300 acre tracts of land...I had figured it out before to be 750,000 if they paid going rates for the hold outs or new mexico process for Marcellus shale that is what they are going after in Harrison county...here in wayne is probally only gas, I have seem them putting in new gas lines down beach fork road, so 250 per acre, plus 20 percent may not be so bad..for gas only ...yes forced pooling you all get the same, but it is cheap low ball price, it favors the oil co...they are trying to enact forced pooling now.............but they are paying just that in Harrison county...no more..
Larry they are looking at the Marcella & Utica shale in wayne county oil & gas. That's why I think they are trying to get it cheap to sell out in a year or 2 for the bigger money. I think im going to hold out for at least $500 for a 2-3 year lease. They are telling me they don't give more then the 12.5% but im going to go for 15% atleast.
So if they force pool me I should get at least $250 that's what they payed 2 close to me
I will have to look at my Harrison county paper work, it may have been 15 percent, but it has to be not at the well price, 15 percent at the end of the total profits, that ends up being much more, I have land in lavalette, is your land behind mine, did you buy fred friars old land ?, I know a adkins lives at he end on dalewood drive, so you is the oil company that is doing the offering...that would be nice to know, I would like to try and raise that 250 up as well, and you have to make sure they have penalties in the contract if they cap the wells, that was happening in the past, where they didn't have to pay anything...I have not been contacted yet in lavalette and want to see about negotiations
Im on Patrick creek in Wayne. Gulfland is the 1 offering $250 and Exterra is another 1 but they are trying to buy at $50/acre but saying they will match Gulfland.
Is it better to get at well head or product market price?
yes I found thru research and my uncle had also gotten his contract changed to 15 percent at the end market price, at the well you get alot less, my uncle is was a chemist for dow and he had been thru this before on our family land my mom sold to him when my dad died, land that was in out family for 4 or five generations so he and my dads other brothers kids are going to get the full amount on that 300 acre tract that they had the land and min rights to in Buckhannon , mom sold it for the cost of the timber for one timbering, we had a well on that land that was paying the taxes for years. mom just got greedy instead of passing to us 3 boys like it should have been. the well they have they were only getting it at the well and it was only paying taxes, so what does that tell you, pennies.
I found on the net where gulfland only paid 23 to 50 a acre in Kentucky...
A buddy of mine has land in KY and they gave him $100/acre
Chris Adkins said:
A buddy of mine has land in KY and they gave him $100/acre
2-3 years ago
Don't settle for 15% royalties. Make sure you push it up to 18%. You can get that most places in Harrison, Doddridge, Tyler, Ritchie, Wetzel, Marshall, and Marion Counties. Barbour County you can't, but that's because Consol has a virtual monopoly on the leases there, and it's only dry gas coming out of the ground there right now. Also make sure you get gross proceeds, no post-production costs.
I think if you wait and say no, prices in Wayne County are really going to skyrocket. That's speculation on my part, but based off experience and knowledge.
If you do sign a lease at $250-$300/acre bonus, make sure it's for a one year lease. Then you're getting pretty much the same thing that people are getting when they sign a five year lease for $1,250-$1,500/acre.
I haven't really talked to them much but I did ask about more them 12.5 and the landman told me they would just walk away from the deal.
So im going with Kyle if its $250-$300/acre bonus and will have to be at least 15% I will only sign a 1 year.
I really think they are leasing all this land up to release it for the high $ offers
Kyle I would love to talk to you for about 30 mins. and maybe be work out a deal on hiring u lol i need some advise on some things.
Does any1 know if there is more then Exterra and Gulfland around Wayne that buying leases?
cris my lease in Harrison where they are buying every thing up is being bought up by consol energy out of jane lew wv I guess in that area, I know they are going to drill for the shale oil, and gas for the new power plants as they are forced into nat gas, by obamas rules, the coal will still be mined and sold over seas, that wont stop, they will have a huge market for it still.
We have just received a lease from Exterra Resources. Have they told any of you "who" the O/G company is that they are representing. I thought that practice (holding back the drilling company name) was a bit out of date. Will probably contact you Kyle later this week for a discussion.