Morascyzk and Polochak
Attorneys at Law
MOUNT JACKSON GROUP MEMBERS AND THEIR NEIGHBORS, PLEASE SEE THE ANNOUNCEMENT BELOW. UPDATE 11/30/2011 Please be advised that our office has been very busy for the past four months, as we have been working tirelessly with the gas companies and the group’s marketing firm to close the group deals signed by Mt. Jackson Group landowners. We have also been busy handling a variety of different issues that have arisen with group members concerning bonus payments and title issues. In an effort to reconnect with our group members in person, we are scheduling some upcoming meetings in December and January. PLEASE CAREFULLY READ THE MEETING DESCRIPTIONS BELOW SO THAT YOU CAN ASSESS WHICH MEETING WILL BE THE RIGHT MEETING FOR YOU TO ATTEND. All meetings are Morascyzk & Polochak sponsored meetings. A) For group members who have signed a lease with Chesapeake and Hilcorp, and who have either been paid their lease bonus or are awaiting payment of their lease bonus, please attend one of the following meetings: Monday, December 5, 2011 at 6:00 p.m. at the Western Beaver High School Auditorium in Industry, PA or Wednesday, December 7, 2011 at 6:00 p.m. at the Bessemer Croatian Club in Bessemer, PA B) For group members who have been informed by Chesapeake that they will not be paid a bonus because of a “title defect,” or due to a prior unexpired oil and gas lease with another company, including O&G Investment Holdings: We will be scheduling a meeting for you in the Industry/Midland area in mid-January. At that time we will give you direction on your options, which are title curative work, top-leases, litigation, or formation of a new group. We will contact you with a letter and/or an e-mail at that time. Please continue to check our website for updates on that meeting time. C) For group members in Beaver County/Lawrence County/Mercer County/ Butler County that were part of the Mt. Jackson Group, but did not sign a lease with either Chesapeake or Hilcorp through the group leasing process: We are committed to continue to work for any folks who do want us to work for them, and we are assisting those folks with pursuing options to lease at this time, as an individual or as a member of a smaller group. We are going to schedule a meeting for mid-January in order to discuss what we can possibly do for these folks. We will contact you with a letter and an e-mail at that time. Please continue to check our website for updates on that meeting time. We hope to see you at one of our upcoming meetings, and if we do not see you, we wish everyone a safe and happy holiday season. Please continue to check the website for further updates concerning upcoming meetings. Very truly yours, Joseph E. Morascyzk Attorney at Law
ATTENTION MT. JACKSON GROUP MEMBERS:
Attention Mt. Jackson Group Members in Hanover Township, Independence Township and Raccoon Township in Beaver County, Pennsylvania!
Chesapeake Energy has made an offer to our Hanover Township, Independence Township, and Raccoon Township Members.
The offer is $3,000 per acre, and in addition to the $3,000 per acre Chesapeake will pay Co-eXprise $150 per acre directly for fees, so it amounts to a $3,150/acre gross offer. The royalty is 17%. The lease is pretty much the same lease that Chesapeake offered our other group members in Beaver County back in July. CLICK HERE TO REVIEW OFFER PACKET.
The deal was discussed at the October 4th meeting at the Hanover Twp. VFD and our group members in attendance were satisfied with the bonus price, royalty and lease terms, all of which beat the current best offer in those townships. Range Resources, the other most interested party in the area, was given the opportunity to match or beat the Chesapeake offer, however they declined to do so.
The process will be that group members that want to take the deal should fill out the "Acceptance Agreement" form (the first two pages of the attachment) and submit it to our office OR Co-eXprise AS SOON AS POSSIBLE. Chesapeake would like to have them in by the end of this week, as per the language of the form. We recommend to have them turned in AS SOON AS POSSIBLE, but no later than October 14, 2011. As always you are encouraged to 1) discuss this with your neighbors BEFORE you sign the Acceptance Agreement, 2) get a second opinion on the lease from another attorney if you like, and 3) call us if you have questions.
PLEASE TELL ANY INTERESTED NEIGHBORS TO CALL OUR OFFICE AT (724) 225-1110 AS SOON AS POSSIBLE.
Thank you!
M&P Management