Chesapeake’s agents tell landowners that they will be shut out of the oil and gas boom if they don’t agree to the changes, according to landowners interviewed by The Wall Street Journal, which reviewed more than 100 property records in Ohio filed over the past year detailing the changes.
From where I sit, the only way that could be true is if no one wants to come in and develop the land after Chesapeake’s leases expire. This would imply:
that it’s not economical to develop the land, or
Chesapeake has the capability of blackballing leaseholders so no developer wants to buy it.
Given the position that Chesapeake is in, I hardly think the rest of the industry is going to mind snatching up leases from under them as they expire undeveloped. Especially, if Chesapeake has already gone through the trouble of verifying the deposits underneath.