JDT
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  • shreveport
  • United States
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Petrohawk sends bonus checks

We signed three years ago for pennies. Today I received a letter stating they had extended our contract until 2011. Included was the same amount for bonus as we originally received( pennies). The contract does read that they can extend the contract. However, I thought they had to re negotiate the bonus amount. Thanks for the help. I'm new @ this blog thing so bare with me

Posted on June 23, 2009 at 12:03 — 3 Comments

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At 4:09 on June 24, 2009, Bobi Carr ("parker") said…
JDT,
The contract SHOULD spell out what amount they are required to pay for the renewal. Most of HK's recent contracts call for 2/3rds of the bonus paid. Some contracts are for 1/2 of the original bonus. It should all be spelled out in the contract.
If nothing else, it looks like you will be getting a well in the next 2 years or a new bonus anyway. I've got a little more than 3 years to wait.
At 3:07 on June 24, 2009, Skip Peel - Mineral Consultant said…
JDT. Petrohawk has exercised their option for the lease extension and the terms of the lease will remain in force until that extension expires. It's too early to consider any other alternatives. Be patient. The time to consider any alternatives will be in the last 3 - 4 months of the extension period if you don't get a well by then.
At 2:09 on June 24, 2009, Bobi Carr ("parker") said…
JDT,

Review your lease carefully. It more than likely has a renewal for 2 years included. If it doesn't send a certified letter to Petrohawk asking them to file a release of your lease.

GOOD LUCK
At 3:30 on August 15, 2008, JDT said…
WE HAVE TWO DIFFERENT SECTIONS ,ONE IN SECTION 25WITH 3.75ACRES,(WHICH WE SIGNED 2 YRS AGO FOR $200. PER ACRE AND 1/16 ROYALITY), ANOTHER IN 181501,WITH 3 ACRES WHICH WE DO NOT HAVE AN OFFER.IF THERE ARE GROUPS IN THESE SECTIONS AND OR WILLING TO TAKE ON PRESIGNED LEASES PLEASE LET ME KNOW
 
 
 

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