Posted by JerryS on November 12, 2014 at 10:22:40 from (98.80.122.166):
In Reply to: OT Gas Lease posted by Steve@Advance on November 11, 2014 at 20:18:49:
Chesapeake was the primary initial developer of the Haynesville Shale here in northwest Louisiana. It came in early and stealthily leased up hundreds of thousands of acres before word leaked about the presence of the Haynesville. And yes, I was one of the ones taken in on those early low-fee, low-royalty leases. And yes, I still have a bad taste in my mouth about it, even though I realize it was just good business on their part. Two wells have been drilled in my section; one was a dud, and the other is produced so sporadically as to be irrelevant.
A class-action is being/has been formulated by royalty owners in this area against Chesapeake. I'm not involved, but I understand their complaint is that Chesapeake produces their natural gas and then sells it to a Chesapeake subsidiary at a below-market price. In effect, by selling the gas to itself, Chesapeake can low-ball the royalty owners. I think the group is also contending that Chesapeake is inflating the production and transmission charges that it passes on to royalty owners. I haven't heard about anyone being dunned by Chesapeake for overpayment. I think that down here that would be a real stretch, but it would dovetail with Chesapeake's reputation.
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