East Resources - The HuntingPA.com Outdoor Community
 
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post #1 of 7 (permalink) Old 03-29-2009, 06:37 PM Thread Starter
Diehard Outdoorsman
 
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East Resources

Our hunting camp signed a gas lease with East in July.We were to be paid in 90 days.At 90 days we recieved a letter that they were unfortunatly unable to pay us because thier partnership with another company fell through.They stated we be able to get our lease back if we wanted it.I recieved another letter from them in Feb. stating the same thing.That nothing has significantly changed.
In the mean time fortua energy has offered us a lease,for 1000$ an acre,much less then the 2300$ from East.Also the protection addendums we have in the East lease are not included.Our camp is in Tioga county,I was wondering if anyone has any other info.about what is going,on with east.or any other help.We will not accept the Fortua lease,as it is because of the absence of the landowner protection addendums.Any help will be appreciated.
Mike M. is offline  
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post #2 of 7 (permalink) Old 04-02-2009, 12:03 AM
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Re: East Resources

$ 1000.00 Per acre seems very low. If I were you i would hold out for more. And DON'T give up your Addendums. Gas prices are way down now but they will be back. Wait it out. What royalties were they offering with that?
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post #3 of 7 (permalink) Old 04-02-2009, 08:14 PM Thread Starter
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Re: East Resources

I agree we had no intention of signing this lease.The royalties were thr standered 12%.They think because of the problems with East we will jump at anything.
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post #4 of 7 (permalink) Old 04-02-2009, 10:03 PM
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Re: East Resources

12% is also low. we got 15% as did our whole area!

Camp life,it don't get much better!
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post #5 of 7 (permalink) Old 04-05-2009, 10:14 PM
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Re: East Resources

a thousand is a fair offer but the royaltys is where the money is at. if you can get 17% sign yesterday.
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post #6 of 7 (permalink) Old 04-11-2009, 03:45 AM
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Re: East Resources

Don't settle for anything less than 15%. No one I know has. Get a thousand offer, get your addendums in it, get a lawyer (one who deals with this stuff) and ask around with your neighbors to see what they got. What the company says is usually a half truth.....do your homework!!!!

Bradford County WMU3C
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post #7 of 7 (permalink) Old 04-12-2009, 12:12 PM Thread Starter
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Re: East Resources

Have done so, the last offer 1800 per acre,15% royalty,and all of the addendums.Our neighbors have the recieved the same offer.We already have an attor ney working ,on this.Making sure everything is kosher.Thanks for the advice.
Mike M. is offline  
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