I had a contract with Stone Energy for my mineral rights In Proctor District, Wetzel Co. I signed in September 2014 with the option to renew. Stone since sold my interest to EQT and they let the lease expire. I don’t know it was a mistake on their part or If they are just not interested. I have 107 Acre track and was wondering what I should do.
I know for a fact that Eqt is not interested because of an e-mail I received after inquiring about the status of the renewal.
Should I contact another company about leasing again?
If you’ve got the time and are interested in marketing it, it couldn’t hurt. Understand that if EQT holds the majority of leases adjacent to yours and they’re not interested in renewing it, probably no other company that has the means and ability to drill it would be interested either. Since gas prices are so low right now most companies aren’t drilling unless they have to up there. Wetzel has no drilling rigs and Marshall has 5 (4 op’d by Tug Hill and 1 by Southwestern), so those may be good places to try.
Not sure how much EQT is holding on surrounding property’s. I’ve heard that company’s will grab a lease to use to bargain on other areas they may want.
Regardless I’m glad to be out of my lease and the ability to negotiate another contract with more knowledge might be a blessing. I know more now than I did 5 years ago and knowing that I’m not locked into a lifetime deal is sort of comforting.
I might check to see if another company is interested, but will not settle for something less than what it’s worth.
I am likely a lease holder in the same parcel as joegunn127. Since there is already an operating well onsite, and the lease has since expired, can EQT continue to pump oil on the parcel? If so, it would seem they would have little incentive to renew the lease. After I submitted my comments to them about their submitted lease agreement earlier this year, they never responded back. It seemed as if they were on a phishing expedition to see if they could get owners to sign cheap lease agreements in their favor, and if they didn’t immediately, EQT just wasn’t interest in negotiating.