Why the H*#4@ did I sign a mineral lease?
Being part of a 640 unit is crap for the folks with small acreage. Its all a pyramid scheme. We all joined in this thing together to make money together...at least that's what the feeling WAS. I remember when the first checks were given out, many Shreveport natives boosted the economy for this area by shopping for big ticket items like cars, houses, etc. in hopes of getting more and better checks. But what did Chesapeake do? Send out Div Orders with stupid decimal points in the writings, such as .00003 for example. A lease in the beginning stated that the mineral owners would receive 25% of monies made. The Div Order to be signed states different rhetoric with that decimal crap. When I asked Chesapeake where did they get those numbers from, they answered me back with, "It's something we made up." Mineral owners are treated like the enemy. What if Walmart was in this situation? They own the merchandise, but the only folks who make the real money are everyone except Walmart, (except mineral owners). Doesn't make sense. Try doing the math with screwed up numbers such as .0003 and see what you come up with. A bunch of zeros after a decimal point adds up to horrific under payments made to the mineral owner, the ones who own the product. And where are the guys in my 640 unit who own tons of acres and made nearly a million dollars? would be nice if they shared their profits with us guys making 80 dollars to 500 dollars a year. I signed up because I knew it would benefit those with small acreage as well as those who own large acreage. My neighbors are in shock and most folks are embarrassed that their checks aren't more lucrative after receiving their initial payments of thousands of dollars, now we all get hardly anything. So much for boosting the economy for Shreveport.
Tags: 640, chesapeake, division, law, mineral, order, owners, payments, pyramid, rights, More…
Views: 8932
Replies to This Discussion
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Permalink Reply by G.L. Jenkins on
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Attorney's are at the top of my list as the biggest crooks. I don't trust my own Attorney's and they know it...
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Permalink Reply by Andrew on -
If you didn't join with the other owners in the 640 block you would have gotten 25% of all the money when they drilled a well on your 0.4 acres, I.e. never. Pooling has given you something instead of nothing. What's more, You got $15,000 per acre and a 1/4 royalty. The number of people who got a better deal is generously in the low dozens. You have no standing to complain that you got this deal.
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Permalink Reply by lee on
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Mannnn please. We all are being disrespected since signing up. Whats wrong with the gas company sharing the wealth. I want nice things just as they have. Instead, Wall Street, CEO's, Employees and lawyers gots dat biiiig bank account. I gets to have smelly air, explosive noises, sounds of big trucks as the rumble through and the thought of a bunch of rich guys toasting and laughing at how they got over on us.
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Permalink Reply by Spring Branch,mineral owner on
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In other words, you want something for nothing! There is already too much of that going around.
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Permalink Reply by lee on
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Yeah right. Something from nothing? Me and my neighbors sign up to make some drillers become MEGA rich then later I am told I want something for nothing? You hired tongues say the darndest things. This is where I am with O&G so far. Inconsistant payments. Underpayment at the exchange of gas from driller to gas buyer. O&G turns out to own the buyer. Disinformation by O&G through the use of hired tongues. And cute women on here talking ugly to me. But again, I kinda don't mind that part.
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Permalink Reply by John Matherne on
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The Democrat party's finest here.
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Permalink Reply by P.G. on
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Looks like the gift horses are leading the race..huh?
Just a matter of time before our minerals will belong to everyone...
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Permalink Reply by adubu on
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GLJenkins---if you don't trust your attorney then fire him and find another. That a boll statement about most attorneys are crooks for you must live in "Liberal Land" I just have to disagree with that statement. The only possible attorney that are crooks i know are those that got in politics and became corrupt which most in Wasington DC are for it's amassing they go in as middle class and come out RICH. Look at Hillary Clinton made $1.2 million on 3 speaker engagements last week.
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Permalink Reply by Bobi Carr ("parker") on
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Yeah but they probably can math.
I would usually say do math, but I didn't feel it was applicable to this discussion.
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Permalink Reply by Skip Peel - Mineral Consultant on
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LOL, Bobi!
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