Replies to This Discussion

Permalink Reply by Anthont Jones on July 18, 2008 at 16:09

Yes, the meeting was about landmen posing as representative of Cheaspeake trying to get memeber to sublease. They were given a bonified contact for Cheaspeake and all could contact her on Tuesday. This will be the time management will have given her what info she can relase and she was basically going to conduct a mineral right search when you provided her with you property info. I have yet to positively determine what is in it for the Cheaspeake rep.

Permalink Reply by Arliss Ds4 on July 18, 2008 at 16:54

By your wording (posing as representative of Chesapeake) does this mean you don't think this is a legitimate offer? I am just wondering if this is an organized group and is there and offer on the table?

Permalink Reply by Late Nights on July 18, 2008 at 17:10

I was at the meeting. An offer was made. The deadline for signing is Monday at 5. You can contact Fortress Management, LLC.

Permalink Reply by Kassi on July 18, 2008 at 18:57

OH, Fortress Management..I do not care for that bunch!

Permalink Reply by Arliss Ds4 on July 19, 2008 at 1:34

Perhaps in regards to sec 8 of their o&G agree?

Permalink Reply by Arliss Ds4 on July 20, 2008 at 3:29

This section, from the document they have on their website, seemed to say if I am reading correctly that they can negotiate for a percentage of royalty associated with your property and they don't have to disclose it to you. That disturbed me and implies that this company does not have the landowner's best interests at heard.

Permalink Reply by Dianne Boyt on July 21, 2008 at 8:16

What is their website and contact information? I have been trying to find something about this because this is "all the buzz" since about last Thursday?

Permalink Reply by Arliss Ds4 on July 21, 2008 at 11:19

http://fortressmanagementllc.com/home.html

http://fortressmanagementllc.com/documents.html

I don't think these are the exact documents from the Mansfield meeting but they are probably very similar.

Permalink Reply by Veronica Evans on July 19, 2008 at 18:49

We did not sign, although there were many that did. I feel that 4% is steep and also that they did not notify people in a professional manner. I still have many, many questions. We live in a neighborhood and have many neighbors who are out of town and also some who are elderly and have no idea what is going on. Knowing that there has to be a certain percentage of commitments before they will drill in the neighborhood, I don't understand how there can be a deadline for people who were not notified in the first place. We may not have made a good decision - time will tell - but something about the whole thing just doesn't add up to me.

Permalink Reply by Veronica Evans on July 20, 2008 at 16:23

$24,000/acre with 25% royalties. Fortress Management wants 4% commission. Deadline for this offer is 5:00p.m. Monday.

Permalink Reply by JCds3 on July 21, 2008 at 10:29

Hey Veronica. This is the Caston's on Hope street. If you hear anything about the neighborhood getting together on this, please let us know. Thanks.

Permalink Reply by Veronica Evans on July 21, 2008 at 13:03

I talked to Tony Sanca early this morning. Randy Pearson and Sonny Hall are heading up a group for our neighborhood. They have contacted a lawyer and said that the lawyer has agreed to represent us for 1% commission. I am not sure if this will include title search and everything, but they are going to meet with everyone before they start negotiating. I know we are in along with the Sancas, Pearsons, Halls, Sepulvados, Smiths, Waggoners, Craigs, and also Sonny Hall is looking out for Mr. Cornet's interests since they have moved in with their son in Arkansas. First Baptist Church is probably going to be in our group, too. Their last offer was $15,000/acre, but I think they are going to decline since this other group was offering $24,000. There may be more that I don't know about. They are also going to see if anyone in the neighborhood across from us wants to join (Herndon/Regina St.) I'll post whenever I know of a meeting.

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