FORTRESS MANAGEMENT AND PETROHAWK
has anyone signed a lease with petrohawk through Fortress?
I was told that the royalities are 25%..but the small print says that out of the 25% we are responsible for processing the gas out of our royalties.
If that's the case..then the royalties woud be alot less..
anybody know if this is true???
thankyou.
I was told that the royalities are 25%..but the small print says that out of the 25% we are responsible for processing the gas out of our royalties.
If that's the case..then the royalties woud be alot less..
anybody know if this is true???
thankyou.
Views: 144
Replies to This Discussion
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Permalink Reply by Snake Stewart on
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Thank you Ms. Melanie.
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Permalink Reply by Rick on
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I don't know how far back the thread is on here, but if you can dig it up, I think you will find that Fortress was the group that had such a smelly problem with a large group of Mansfield residents. Told'em one thing and then Cheasapeake came back and said, "These guys don't represent us and didn't have our authority to make ya'll that big offer". I never heard how that all came out but I know it was talked about on here and on at least one of the local television newcast.
So, I don't think you are the first one to question and wonder about Fortress!
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There were reps of the Team that tried to assure everyone on this site that things were o.k. and that it wasn't what it appeared to be , which they very well could have been. But this certainly doesn't look good. I hope that this is just a misunderstanding and that they will be able to get to the bottom of their issue with the unseen lease. $19,000 isn't nearly enough money upfront to make up for the fees that they could be charged on their royalty.
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Permalink Reply by Mom A1 on
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I don't know the whole story or how much you know. I am assuming that you were approached and they offered this to you. Most companies will try to squeeze this into the lease...ask them for "cost free royalties." You get to keep more.
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What I know is that Fortress Managment is a group that is working for a fee. They should already have a lease in place from the previous groups they have signed up. When you are in the process of signing a lease , said lease should be public to the people with pen in hand expected to sign it shouldn't it ?
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Permalink Reply by Two Dogs, Pirate on -
A lot of the lease forms say that in the small boiler plate of the lease form. You will need to examine the Exhibit "A" of the lease to see if it alters the language.
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Just as an example......If a Negotiating Team has a lease that they use , and is accepted by the companys they bring it to , as some have stated, how much changing should have to take place on exhibit "A" ?
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Permalink Reply by Two Dogs, Pirate on
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Snake, I never change the lease form itself. There are numbers on the top left hand corner of the first page. Those numbers can tell an attorney if they have read the lease form before. I make all changes on the Exhibit "A". Some may change the boiler plate language but I don't. Many things can be changed within the form. The number one change that I have encountered that comes from an attorney is the warranty clause. Attorneys don't like to warrant anything from the lessors standpoint.
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Permalink Reply by insomniacnla on
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Snake,
From recent personal experience as a landowner, the o/g companies do not allow any changes to the lease form itself because they do not want to have to re-read and analyze every single word over and over. Chesapeake has their own newer form that they are using that has language specific to horizontal wells and will allow "strike-outs" on some clauses in the form. Any re-phrasing, changes, additions, etc. are done on the Exhibit.
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I understand the changes coming on exhibit "A" , I just don't understand why this Team would need to make changes to a lease document that has been an "already accepted lease document" that they have theoretically aleady used before with the O&G's. If they have been in this business and claim to have their own lease, which every party has claimed so far that I have listened to, What would need to be changed. Why couldn't the parties involved see this document that is pre-existing to their coming on board with this Team? I hope that makes sense. It has been a difficult afternoon.
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