Hi,
Thanks for your information and input. I am so glad I found this site. We knew nothing about mineral rites
or what to do with them. blanca's offer was good so we figured, why not? This site gives great information
on what to do if you are leasing etc. I figured that somebody would be calling or writing in the next 6 months.
We will be better educated by then. If you hear anything more please send it on.
Again, thanks for your quick response.
Snues said:
Wendy,
As far as I can tell, you're fortunate to have only signed a 3 yr lease instead of 5 yr. Blanca Peak was leasing on behalf of Chesapeake, they did assignment of leases to Chesapeake after getting the leases signed.
Chesapeake drilled 8 wells in fall of 2011, 7 in Stark county, 1 in Golden Valley county. Only 2 had production, to the best of my knowledge, and very poor production at that. They basically pulled out of ND, but still retain those leases. Of the additional permits they'd taken out, I'm guessing they've all expired and been cancelled, with nothing new permitted since.
It's a guess as to when/if they will come back to try again, or if they're looking to find a buyer of the leases. With the poor results they got from drilling, it'll be a tough sell, unless they take a loss.
Towards the end of this year, you might get some other company showing interest in leasing you, once your Blanca Peak lease expires. If Blanca Peak/Chesapeake would contact you to toplease or extend your lease, I would be very cautious.