I have an acre up in Blanchard, so I hope y'all get a good deal. I have never liked the bank drafts myself and many have advised against them. I would love to have a look at the addendum that the landman says he will include.
I try to keep up on everything that I can. I am not aware of any such addendum, but I sure don't profess to know everything.
Most leases say $100 as consideration though. I haven't looked at any in the past couple of weeks though. Things can and do change quickly. I also only look at things recorded in Bossier. I subscribe to their website, since all of my other property is in Bossier.
I think we're in the so.east quadrant at the intersection of Old Mooringspoort and Dixie-Blanchard road....by the water tower and an old, closed groc. store. If you are still under lease you are right about missing out on bonus money. However, I have faith the royalties will far surpass any bonus money, especially in the long run.
I hope you and your family prosper richly from all of this. It has certainly been a time-consuming headache for me.
Hopefully the well will give you and Sec 28 some good mailbox money. I am starting to get a little concerned about my Section (27). Our lease expires in Feb 09 with EXCO. I would like a Top Lease, but they might flip the lease to some other company who can get a rig in here before Feb and we will be in the same boat with you.
I wish you the best and hope to see that the well in Sec 28 is a hit.
I would rather answer you this way.
No, I haven't been contacted since EXCO. They were just wanting to know if I received a top lease would I give them an opportunity to bid. As of a couple of weeks ago EXCO had a blanket offer of 8K/28% or 10K/25%. I don't know if that is still the case. I do have some info that might help you. You might already know that Matador just spudded in Section 16 right above you to drill Lanier 16. I know a person that lives in Section 16 that had not been contacted about leasing even up to the rig moving in. The person I know started calling some of the companies to let them know he and his next door neighbors were interested in leasing. He was concerned about his property being forced pooled. I gave him a contact with EXCO. He told me EXCO seemed interested, but at that time was not working in that section. However, Goodrich did and he and his neighbors signed with them for quite a bit more than you have been offered on your property. This person did it right. He negotiated and then had a lawyer place amendments on the lease that he wanted. Everything was done and signed in the lawyers office. And yes, I saw the check. Seems Section 16 has quite a few different companies holding leases with each one wanting a piece of the pie.
Anyway, this might be of some help. One other bit of info I heard. I don't like giving out second hand info, so please don't quote me on this. There are plenty of rumors and BS floating around. Supposedly, one of the land owners in Section 16 talked to company toolpusher with the Matador Rig. He supposedly stated that they believe that the shale could possibly be 100' thicker at this site than the well he drilled in Section 5 (Hall 5) around 350'. If true, hopefully this will greatly affect our sections and pending a good frac provide long term royalties.
Don't settle for less than you wanted to. Good Luck!
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More