Who is honoring and not honoring their Lease Bonus drafts?
There has been a lot of concern and wonder as to which o&g companies are going to pay up when their lease bonus money drafts come due and who are going to let the leases simply expire. I think it would be helpful for everyone if you have a draft that has recently been honored, for you to post 1) the date the draft was made, 2) the date it was honored, and 3) the o&g company who honored their draft. And if you have been told by an o&g company that they will not honor their draft, that would be helpful too. Also, the bonus/acre amount honored or not honored would be helpful. I think this will give everyone a better idea about what to expect with outstanding drafts from the various companies.
Thoughts?
Thoughts?
Views: 404
Replies to This Discussion
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Permalink Reply by The_Baron on
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Be sure to send a demand letter for a release.
The lease will cloud your title, even though they did not pay you. You can not be leased until that lease is properly released.
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Permalink Reply by MarshallGirl on
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East Texas,
We also have a 45 day draft with Chesapeake, issued 10/8 through Panagea Land. Our property is located about 5 miles east of Marshall. Our draft is due to be paid 12/9. How did you discover that your lease was filed? It looks like we will be in the same boat you are, but have not got a reply when I e-mailed Panagea rep. I was told that the original landman was now running title and he gave me another name, who has not responded to my e-mail yet.
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Permalink Reply by The_Baron on
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You can go to the courthouse and run your name. The clerks are usully willing to help. If the lease is filled it will be in the indexes. Run your name as Vendor (Direct),
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Permalink Reply by EAST TEXAS on -
EAST TEXAS GIRL,
My landman from Panagea Land told me Monday that they were told at the end of last week that Chesapeake was not honoring the drafts. He said they did not know until 11/12 or 11/13. Mine was to be funded on 11/12/08. He did tell me it was not title problems or anything except they just were not going to honor the drafts. The lawyer that I hired said they were several in the Marshall area that he was working on thru Chesapeake. The problem with mine is the lease was filed the day after I signed the papers on 08/28/2008, and still now money.
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Permalink Reply by The_Baron on
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Its time to get a lawyer.
If you already have one, good luck, hope it works out.
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Permalink Reply by EAST TEXAS on
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You know I hope he is a good lawyer. I heard he was one of the best oil and gas attorneys around. But you know, I should not have to go thru this. I upheld my end of the agreement, now they need to hold up to theirs.
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Permalink Reply by EAST TEXAS on
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Marshall Girl
One of my best friends is a landman (no land lady I guess), she was at the courthouse and knew that they had returned my draft and she looked it up and I went a bought a copy of the filed lease. I have turned it over to an attorney, and he said since the lease was filed they could not do that. So, I have hired someone to help me, Chesapeake has not done people right, and should pay thru the nose. My land is east of Marshall also, on 43 north.
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East Texas,
I still have had no response from the contact given me at Panagea. I do not live in Marshall and wondered if I could find out by phone if he lease had been recorded. This is a question I asked of the contact but with no response I am in the dark. Is your lawyer in Marshall? Maybe I am jumping the gun since I have been told the draft is not due until 12/9, but I really don't believe it will be paid. You are the only other person I have come across that signed with CHP through Panagea.
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Permalink Reply by Roy on
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Being a landman for many years there are a few things to keep in mind to arm yourself. Always strike that you will defend title on any lease. You never know when a honest mistake on a deed can include your land. Therefore you will pay to defend it lots of legal fees. Second demand a cashiers check when signing a lease. It happens everyday and if they want your lease that should not be a problem. Providing your title work checks out. As for stopping a draft is common and happens more than you think. The company does however have to file a release at the courthouse, If they have filed the lease. I hope this will arm people with some facts to help them in the future.
Best wishes
Roy
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Roy,
Thank you for your information. Since you were a landman for many years, are they in the dark as they seem to be when it comes to knowing if the title work is complete, if the lease has been filed at the courthouse? I have asked these questions but the answer I get is "I have to check with the main office", and more times than not that is the final reply. We are in the Barnett Shale, we leased our land, got our check and we are now getting good royalties from EOG. Chesapeake has or shall I say HAD a good reputation up here in Ft. Worth area, so I thought doing business with them in the HS was a good idea. I did not have to negotiate hard at all to get a good offer from the landman, but seems CHP is not honoring drafts in Harrison County, but maybe they are looking at each lease individually instead of just a blanket "not honoring". Thanks again for your input.
Marshall Girl
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Permalink Reply by EAST TEXAS on
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Marshall Girl,
I do not know if they can tell you over the telephone if your lease has been filed or not. But from what my Attorney said, if your lease is filed (in Texas), they have to honor the draft. My lease was filed in August 2008 and the draft was a 45 working day draft, and was returned November 12, 2008, marked OUT OF BUYING AREA. It is costing me, but I did turn it over to an oil and gas attorney. He has about 4 or 5 other cases, my is just 30 acres at $14,000.00 an acre, but the others are millions. I will keep you posted as to what is going on, but I have heard the laws in Tex and La are different.
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