It’s been quite some time since we’ve had any news to update our website. A few of you have asked questions about where things are in the drilling process, and I thought I would share what I’ve been told.
The folks at Chesapeake Energy sent us an e-mail in late February stating that they have not yet selected a drillsite to access the minerals in the Little Green Ark neighborhood. Their land team is in the process of forming a unit to produce those minerals. During this process, they will select a drillsite that can access the area they intend to drill while staying away from unleased properties. Once that drillsite has been located, they will inform us on the location. We will then pass it along to you.
The contracts we signed has a three year time period in which they have to begin drilling. Since that hasn’t happened, we will just sit and wait for them to locate that drillsite and begin the process. If that happens within the three year timeframe, then we should begin receiving royalty payments after the drillsite begins to produce. If they haven’t drilled within that three year period, they would have to approch us, and renegotiate the land rights.
If you have any questions, please feel free to send them our way. Skeeter Murley
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