Replies to This Discussion

Permalink Reply by Grice on August 28, 2008 at 5:15

http://www.gohaynesvilleshale.com/forum/topic/show?id=2117179%3ATop...

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Permalink Reply by TREY on August 28, 2008 at 5:15

Lone Star Land was in T20-R15 & T20-R14 offering $10k/acre but he wants to hold you lease for 90 days. I haven't heard of anyone actually getting a check from them.

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Permalink Reply by mike grosjean on August 28, 2008 at 5:25

thanks a lot, wanted to offer us $12,000 in p.d. we are waiting anyway, thanks for the info.

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Permalink Reply by Cathaus on August 28, 2008 at 5:32

Must have been Mr. John Logue!

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Permalink Reply by fngrsxnpd on August 28, 2008 at 7:05

Current offer? Do Tell?

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Permalink Reply by 221caribbean on August 28, 2008 at 5:59

Coonman. Do you know how much Kent Cage signed for and are they holding his lease for 90 days?

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Permalink Reply by fngrsxnpd on August 28, 2008 at 6:17

I just read on tigerdroppings that festervan's may have just signed for 14,000 per acre, anyone heard this?

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Permalink Reply by Checkmateking on August 28, 2008 at 8:39

I heard from a very close source Festervan signed for less than 300 a year or so ago.

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Permalink Reply by Peter Abilt on August 28, 2008 at 7:50

Let me start by saying I have personally met with John Logue.

Lone Star Land Development is a one man shop owned and operated by John Logue. From our dealings with him, he is a novice at best when it comes to leasing land in Louisiana. He represents 64 Development, LP. His previous experience includes being a chef at the Gaylord Hotel in Ft. Worth, TX. He has been in operation in Louisiana for 2-3 months. As far as we can tell, neither he nor 64 Development is registered with the State of La.

64 Development is a Partnership created in 2006 by Ex Indianapolis Colts prospective Offensive Lineman Cody Campbell. We suspect his jersey number was 64, which explain the name of his entity (not that it really matters). Mr. Campbell claims to represent an investor in Indianapolis, IN that has an unclear relationship with Kite Realty Group (a housing and commercial property developer). In our research, we can find no previous history of any O&G speculation or development by this group.

In general, we were offered a $10,000 / ac. lease with some form of a draft to be used to secure payment. We were also offered complete freedom in drafting our own lease agreement, which would be subject to review by them. We never were clear who "them" really was. As far as we could tell, there was no La. Attorney retained by either Lone Star or 64 Development. They also proved ignorant on the differences between La.'s legal system and every other state's legal system. Not impressive to say the least.

Here is the bottom line: We felt that this group came in to try and make a buck, which is completely fine. However, we felt that their capabilities to actually make US a buck left A LOT to be desired. They have no track record in the oil business, they have no track record of getting wells drilled, and as far as we are concerned, they have no compelling reason for anyone to trust them to get these things done in the forseeable future.

Now, It's five o'clock somewhere, and I'm off to find that happy place....

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Permalink Reply by mike grosjean on August 28, 2008 at 8:05

wow! thanks again

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Permalink Reply by Cathaus on August 28, 2008 at 9:00

I was scheduled to meet with John about 5 weeks ago. Approximately 24 hours before the scheduled meeting, I cancelled it. I just got a strong feeling, call it woman's intuition if you will, that something was just not right about Lonestar Land Development.

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Permalink Reply by Smackover Crude B2 on August 28, 2008 at 14:28

Thanks Peter: Good Night John Boy!

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