Hi Everyone- I would be interested in hearing about current level of O&G activity in Dawson and Martin counties.
I leased several parcels of Dawson County minerals to Chesapeake back in 2011 and they are set to expire in early 2014. Is anyone aware if they have sold off these leases to 3rd parties or if they have intention to exercise the 2 yr. extension? Anything else noteworthy going on?
Here's an article from July that might shed some light on their current situation.
Also rumors of 500 layoffs in OKC HQ - article in yesterday's Forbes - http://www.forbes.com/sites/christopherhelman/2013/09/17/chesapeake-energy-said-to-prepare-big-layoffs/
Of course I could be wrong, but my GUESS is they will not exercise their option for the extension, especially if it means an additional bonus payment. There have been 67 permits approved by the RRC since 1/1/2013, and none of them list Chesapeake as the Operator. I think they'll use the money they've raised (by selling off assets) to focus on areas where they already have operations. But with a new Pres., their strategy could change.
Remember, if they DO NOT renew, then be sure to get a Release of lease from them and file it with the Dawson Co. Clerk so others will see your tract is now available for leasing.
I'd love to hear from others with more knowledge than what I've picked up in the media!