Lordstown Landowners to Bargain for Mineral Rights
LORDSTOWN, Ohio – More than 30 landowners in and around Lordstown have formed the Lordstown Regional Landowners Group to maximize their mineral rights opportunities following the transfer of leases to Halcon Resources Corp. that affect 31,000 acres
Michael Hodak, president of the group, and attorney Alan D. Wenger, who heads the oil and gas practice at Harrington, Hoppe & Mitchell Ltd. Youngstown, announced the formation of the group Sunday.
The group owns 5,000 of the 31,000 acres affected, Hodak said. The leases were transferred last August.
The landowners group is scheduled to meet at 6 p.m. Thursday in the hall of Local 1714 of the United Auto Workers, 2121 Salt Springs Road.
“We are looking forward to working with Halcon to develop a mutually agreeable arrangement as soon as possible,” Hodak said in a prepared statement.
Most of the leases Halcon has assumed were signed 20 to 50 years ago when energy companies were drilling relatively shallow wells, Wenger noted. Today Halcon, based in Houston, wants to drill in the Utica shale and its representatives have been approaching landowners and asking them to amend their leases.
The landowners group sees Halcon’s interest in amending the leases as an opportunity to secure more protections and increase compensation due them. To that end the group has retained Wenger who has begun drafting amendments the landowners would like to see made.
RELATED:
Halcon Buys Trumbull, Mercer Leases, Well Pad (Published Oct. 16, 2012)
Halcon Energy Pays Record Price for Drilling Leases (Published Aug. 3, 2012)
Copyright 2012 The Business Journal, Youngstown, Ohio.