Still Waiting???

Anyone else still waiting on bonus money? Or, have most been paid or at least given some type of information on whether or not they were getting it?

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Permalink Reply by SL on January 9, 2009 at 13:13
Hey Tracy...yeah, I am still waiting. Signed the lease in October, and I have not heard one thing! Tried getting an answer this week, but no reply. How about you?
Permalink Reply by The_Baron on January 9, 2009 at 19:06
when is your bonus due?
Permalink Reply by SL on January 10, 2009 at 4:54
Signed the lease Oct., and they were to give me a check that day. It was not until I had signed that they told me they did not have the check. The lawyer told me he expected it in 10 days, and it would not be a draft, but a check. Well.....still waiting. LOL. I am not too optimistic at this point. But, who knows... They have not indicated they were not going to pay, but they sure will not answer any calls. The only other contact I had with them was for me to fill out a form (can't remember the name) so they could send it to me for income tax purposes.
Permalink Reply by insomniacnla on January 10, 2009 at 9:18
SL,

Have you checked to see if your Oil and Gas Mineral Lease has been recorded? You can call the local courthouse, local being the parish in which the land is located. When you call, ask for the conveyances dept., give the person your name and they can pull it up on the computer.

Whether your OGML was recorded makes a difference in what your next step should/could be.
Permalink Reply by Suzan on January 10, 2009 at 4:28
Still waiting in Greenwood as well! Chesapeake is apparently in hiding! They may not have anyone left on thier staff to follow up on lease agreements. The 2 land people we were working with in October were fired! Our attorney is still following up on the progress but no word yet.
Permalink Reply by Likeme on December 20, 2008 at 20:05
Seems like those having trouble have been dealing with Chesapeake. We signed our LOI with Petrohawk and they came through exactly as the agreement. They have paid over a million dollars to a small part of a south Bossier neighborhood. Each homeowner received approximately between $3,800 and $4,400.
Permalink Reply by NA on December 20, 2008 at 20:59
The oil and gas biz is really funny. I made a deal 2 years ago that I thought was really good. Although I am getting the benefits of royalty checks and will get my deep rights back in another year I wish I had been open for lease 3 months ago.

150 acres x $300.00 per acre= $45,000.00

150 acres x $15,000.00 per acre= $2,250,000.00

Ouch
Permalink Reply by NA on December 21, 2008 at 6:29
Just thought of this on carried working interest yet another example of it's use.

Landman puts a deal together. Hey buys the leases in say 640 acres for $100 an acre (I always use $100 an acre its just easy to do the math on). He goes out to sale these leases and offers the deal to 3 people. They get 1/3 for a 1/4. In other words they get 33 1/3 of the working interest (Payment of bills) and get 25% RI. Whats left is the landman being carried for a quarter. This is a common deal done by landmen and Geologist.
Permalink Reply by NA on December 21, 2008 at 7:12
Thanks for the clarrification I tend to get started and before you know it I leave out the details. I would be the person to decide to take a long trip and think of all the great stuff we are going to do then get in the car and wonder where are my keys?
Permalink Reply by Skip Peel - Mineral Consultant on December 21, 2008 at 13:15
Jim. I am surprised, but heartened that you continue to met out the best advise on the site. I know you must sometimes feel that you are speaking in an echo chamber. I do think that your opinions and counsel register with some unknowable number of members who are not here for the purpose of wishful thinking and unrealistic expectations. The management of a mineral estate is business. Pure and simple. I consider your advise spot on.
Permalink Reply by SBossierGuy on December 22, 2008 at 4:02
You should definitely follow up with a letter to the heads of the company, IMO. However, you may not want to quote Eminem in that letter, though. LOL.
Permalink Reply by Skip Peel - Mineral Consultant on December 22, 2008 at 4:07
SBC. You really think the company heads would recognize Eminem lyrics? LOL! Love to see the look on their faces! "Plow? What the heck does that mean?!!!!"

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