Selling Working interest?? I don't believe it.
I have commented prior to now, but I wanted to ask again. my family owns property in the "CORE" area of the Haynesville-- Township 14N Range 12W. In most of the 7 sections we own property, we have waited for a well to pay for itself, then we are paid. For example, in one section they have drilled 8 wells, we have 55 acres in that section, and 4 of them have "paid-out,' so we receive a check for 8.5% of the profit per well, per month. ANyway, my question is of a different subject matter. We also participate, that is we have partnered with Chesapeake in another section, we have/had 200 acres in one section, we leased half (100) and the other (100) we paid our share of the cost of the well. we also had a "Turnkey" agreement, meaning that in the case of a cost over-run we would only be responsible for a certain amount, so that LLC is listed as a production company, A company out of Houston represented us, and finalized the terms of the agreement, the theory is/was that we are forming "PUD's" ( proven reserves) underground that a seller could continue drilling where we left off. As one member of the family, I didn't think it was a good idea because I anticipated the GARGANTUAN supplies of natural gas that the Haynesville, and other plays were producing. Our deal was for 1 well in 3 different sections, so 3 total. In conclusion, we are now being told that 3 is not enough!! I, myself, am ready to locate a seller. I agreed to "go Along" with this deal and participate, now I am growing discouraged as I had the foresight to realize a seller would NOT buy our reserves. Other members of the family, (and their are just 2), IMO are too proud to admit that I was right and they were wrong. Their "pride" and greed made them believe it would have been possible to drill And establish these so-called reserves, ANY THOUGHTS? I would be eternally grateful, Please offer suggestions/recommendations, or any questions,
Sincerely, Thomas
Views: 1973
Replies to This Discussion
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Permalink Reply by dominator on
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two dogs, do you mean I could be dancing with the devil as far as entering into an agreement with the houston group, or could I be entering into an agreement with the devil by going out on my own? I am very confused right now, about everything, I almost knocked one family member out today, lol
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Permalink Reply by 1kw6x71km1v37 on
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test
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Permalink Reply by Two Dogs, Pirate on -
Dom both and then some. Whenever you get tied into CHK probably nothing good is fixing to happen.
In the summer of 2008, I attended the first GHS party on Red River between Bossier City and Coushatta. There were two people filming what they thought were to become movies. One came to be "Haynesville The Movie". The other was a young fellow, I think his name was Josh. Josh wanted to make a film focusing the dark side of the play. I saw the dark side of the play from the beginning and mainly joined GHS to warn the folks of what was coming down. I let Josh ride with me against my better judgement.
CHK is almost a saint compared to the snakes that were crawling that neck of the woods back then.
Dom don't let the vibes of satan take you to some place that you may not want to go with your family. Look for a legal way out on your part and let the rest ride shotgun on what may or may not be a downhill ride.
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