Replies to This Discussion

Permalink Reply by RAY on December 4, 2008 at 3:22

My co-worker lives off Pines Rd[west Shreveport] and he got paid also.
the lease was for $15,000 / 25% per acre.

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Permalink Reply by Two Dogs, Pirate on December 4, 2008 at 4:07

Hey GG, told you things would work out. Don't spend it all in one place unless you pay off a mortgage or something.

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Permalink Reply by The_Baron on December 4, 2008 at 4:14

And don't forget Uncle Sam wants his share....or am i turning into the ghs black cloud?.....I need to go to my happy place now....

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Permalink Reply by Natch N3 on December 4, 2008 at 9:43

congrats and happy holidays grooooovy groooove

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Permalink Reply by LYNNE BASCO on December 4, 2008 at 9:46

That is fantastic news and it gives me hope.

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Permalink Reply by LYNNE BASCO on December 4, 2008 at 9:48

Has anyone heard anything about the agreements that Tower Hill signed?

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Permalink Reply by fox on December 4, 2008 at 10:00

congratulations to yoy Groove. My next door neighbor came over last nite and showed me his check. Its a big one also. They paid his draft on Dec. 2. I believe he signed his lease on Oct 3.
Mine has not showed up yet. Mine was a letter of intent signed on 9/4/2008. Probably will not right away. Not worried. take care now.

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Permalink Reply by LYNNE BASCO on December 5, 2008 at 9:55

Who did you sign you letter of intent with? We signed one through Tower Hill Energy back in July and we are still waiting to here something. We do know that the title searches are complete and all is right with those but we have not heard anything else.

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Permalink Reply by fox on December 6, 2008 at 8:12

Lynne----where are you located. I am in Desoto Parish. Signed letter of intent with Chk.
I am afraid that you and I probably will not hear anything until shortly after the st of the year.
Then we may very well not like what we do hear. They are making some counter offers for 3500 PER ACRE where the intent letter was 12,500 per acre. Like Snake said, they ain't
getting it for nothing. take care now.
,

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Permalink Reply by BirdDawg, plain ole' idiot on December 4, 2008 at 10:26

Now you can get your groove on!
Congrats

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Permalink Reply by Jack Blake on December 6, 2008 at 16:42

congrats Groovy Grove. Be sure to keep Uncle Sam's 41%. He needs it to bail out the banking fat cats or the auto industry fat cats or who knows............maybe Chesapeake will ask Uncle sam for a bailout and 41% of your money will go back to them.
May they now drill a well in your section!!!!!!!!!!!!

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Permalink Reply by Gas Baron on December 7, 2008 at 1:07

41% is the Extreme amount
If your taxable income is over $357,700 your Federal tax bracket is 35%. Louisiana tax is 6% so there is your 41%.

Anything less than that you just add it to your income after deductions and pay the Tax Rate of the Income Bracket you wind up in.
This goes for Federal and State Taxes

they just paid out $150,000.00 between 4 land owners

Example below
---------------------------------------------------------------------
If the $150,000.00 was split 4 ways = $37,500
If the Landowner had 60,000 income after deductions $60,000 + Bonus Money $37,500 = $97,500 Taxable income

(Without Bonus $)
Married Filling Jointly @ $60,000 = amount due $8,201

(With Bonus $)
Married Filling Jointly @ $97,500 = amount due $17,069

A difference of $8,868 = (23.6%) this is the amount you need to set back from the $37,500 Bonus Money for Federal Taxes
I am to lazy to figure State Taxes

This is only an example and based off the 2008 Tax Table found here
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

I could be wrong and if so I am sure someone will say so.

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