Well it seems to be quiet, it must be the low oil prices. Here is a little news about Chesapeake, they are drilling a well into the Rome Trough between the rivers about 4 miles south of Louisa, KY. I also heard they finished a 12,000 foot well in Fallsburg, KY and this new well is already deeper. Now this is what I heard and they have been doing something over by the Columbia Gas phone Tower because we can hear equipment running day and night. Has anyone been else been contacted about selling their minerals?
Have you received any royalties on your lease yet John ? We haven’t heard from anyone.
Nothing yet Scott C.
I hope everybody is having a great summer. I am currently 1/4 owner of mineral rights and land, 64 acres off of rt 32 close to yatesville lake. My lease is about to expire and I’ll be returning a call to the company that holds the lease. My past lease was for $100 an acre and 12.5% royalties. What can I expect as a current offer and how many years should I be looking for? Any additional information would also be great. I appreciate any feed back. Thanks! Dan.
That’s the same rate we got in December but I believe things have dropped since then.
Apryll and Scott. Thank you for the information.
Well we got a phone call tonight from our lease holder. Now they want to purchase the rights and end the lease. Does that mean they are getting ready to drill and don’t want to pay royalties ? Trying to do the best thing for my parents but we are not in the area much and have no clue what is going on. Advice please
Scott I received the same call, from what I understand there is a few companies in the area looking to invest in the rome trough. And They have drilled a couple of exploratory wells and they are and looking to drill more. It is expensive to drill these wells and they need a lot of acreage, from what I understand at least 650 acres +. Selling your minerals is a big decision, either way you look at it, it is a gamble with the price of oil down like it is. Take the money now or hold off and see what happens. This is one where you need to decide if you would rather have the money now or wait for royalties that might or might not amount to anything. Good luck on your decision.
Thanks John.
Has anyone sold their mineral rights yet? Or has anyone been contacted by different buyers? lets try to break this silence and see what is going on. Thanks
We've had one offer fall through after approximately 3 months of "title work" and we have a second offer that has gone on for about 6 weeks of "title work" and they seem to be dragging their feet. Wouldn't be surprised if it falls through as well.
John we were offered $1,000 per acre to end the lease now and just sell the rights. I told them I wanted it in writing that they would not come on the property. They would drill across from adjoining property. Waiting for their answer tomorrow.
Have you leased your minerals in the past? If you leased your minerals before and received a signing bonus then there has already been a preliminary title check before. This would mean they are having trouble flipping your minerals to other buyers. Most likely because of the low oil prices and the unstable stock market. This might be a blessing, but I do not know your situation. Did you or Do you have a option to keep a percentage? A $1000.00 a acre is not much money for every thing below plow depth.
Is there anyone offering more than 1000 that you know of John ?
Yes
We have 360 +/- acres in Lawrence County, yes. It is leased to Abarta through 8/17.
Interested in selling our 360 acres. Yes, we own 100% of the minerals.
I have not had any offers over $1000.00 at this point. But these offers remind me of something I read a while back. In the late 1800s companies came to eastern ky and was buying peoples coal for $40.00 and a mule. This is more dangerous because they want everything below the surface.
Besides gas and oil what else do you mean below the surface John
Scott C.
Besides gas and oil, anything marketable now or in the future. If your agreement reads like mine the word property tells it all. I just recently found out that the Chesapeake horizontal well in the rome trough comes a little to close for comfort to our boundaries. I am still researching and will let you know what I find out. Hope this helps!