I just got off the phone with Legacy Oil, and they said they did not buy any undeveloped leases. Summit Resources still has the leases in Stark County. Has anyone heard anything else about this?
Desert rat:
My mineral area in Roosevelt County, MT was leased to Summit Resources and Summit sold my leases to Legacy Reserves (a Midland, TX based company). My mineral area (T30N;R58&59) has no wells but has several old plugged vertical wells in the areas. I talked with Summit Resources in April of this year and was told that my mineral area lease was sold to Legacy. I talked with Legacy and learned that they were currently evaluating the leases that were obtained from Summit and decisions would be made on whether they will keep some and possibly sell others. According to Summit, the sale of their leases, which was effective in May 2012, involved all their MT/ND holdings.
The CEO of Legacy is also the CEO of Next Energy. It could be Next Energy that is buying leases.
Patricia: Again, I am referring to Legacy Reserves, a Midland, Tx based company. I think there is a Legacy Oil Company.