Who is honoring and not honoring their Lease Bonus drafts?
There has been a lot of concern and wonder as to which o&g companies are going to pay up when their lease bonus money drafts come due and who are going to let the leases simply expire. I think it would be helpful for everyone if you have a draft that has recently been honored, for you to post 1) the date the draft was made, 2) the date it was honored, and 3) the o&g company who honored their draft. And if you have been told by an o&g company that they will not honor their draft, that would be helpful too. Also, the bonus/acre amount honored or not honored would be helpful. I think this will give everyone a better idea about what to expect with outstanding drafts from the various companies.
Thoughts?
Thoughts?
Views: 423
Replies to This Discussion
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Permalink Reply by The_Baron on
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It should be noted that sometimes drafts are not honored because of title problems.
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Permalink Reply by Eric Camp on
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True. And should that be the case, it should be communicated to the Lessor. So, if your draft is not honored due to title problems, it will not be as useful to this discussion.
Thanks Baron for pointing that out.
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Permalink Reply by The_Baron on
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Eric is correct. If the draft was not honored due to title problems it should be communicated to the lessor, preferable in writing.
Also, many companies will wait till the last minute to pay a draft (more interest on their money).
And finally, the time for the draft starts counting when the o/g bank receives and processes the draft, not when you deposit it, this may take up to week depending on the method your bank sends the draft (cert mail, fed ex, etc..)
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Permalink Reply by Catfish on -
I would like to here the same for people who signed a lease and are suppossed to recieve a check. My contract states It is agreed that payment for th total bonus consideration as set out herin shall be due and payable within 30 days of the receipt of the fully executed lease agreement. Twenty one days and waiting. Landman nowhere to be found.
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Permalink Reply by insomniacnla on
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Catfish,
Your comment included:
"payable within 30 days of the receipt of the fully executed lease agreement".
Did you sign an "Oil and Gas Mineral Lease" or an "Agreement to Lease"?
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Permalink Reply by Catfish on
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A lease with attachment A for more than I asked for. Land man said in front of witness a done deal. He signed a form that stated the amount and the time line for payment. I would think this is binding by law.
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Permalink Reply by Catfish on
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Sorry for my spelling using my BB and my eyes are not so good anymore.
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Permalink Reply by jg on
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Our lease with M.L. Benedum for 12,500 an acre was not honored. They cancelled the draft saying they would send a check and then further stated they would pay nothing due to bank failure ( no money to honor leases). We had turned down other offers thinking we had a lease obligation to these folks, and now are left with nothing. Very frustrating.
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