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?

Tags: Bonus, Draft

Views: 421

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Replies to This Discussion

Permalink Reply by MarshallGirl on November 25, 2008 at 4:23
East Texas,

Thank you for the reply. Ours is 12 acres at $12,000. Heirs are all elderly and really could use bonus money as they will probably never see royalty. We are hoping for the best.

Marshall Girl
Permalink Reply by insomniacnla on November 25, 2008 at 4:38
Marshall Girl,

Since the broker will not help you, I don't know if this will help, but this is the telephone number to a Chesapeake Office in Oklahoma, (405) 848-8000. It can't hurt to call.

You can call the county courthouse in which the land is located and ask if someone will check the index. You will need to provide the names of the persons who are the Lessors and Lessee.
Permalink Reply by MarshallGirl on November 25, 2008 at 7:03
Thanks for the help. I will try both suggestions.
Permalink Reply by insomniacnla on November 25, 2008 at 7:12
When you call the courthouse, ask for the mortgage and conveyances desk. It is simple for the clerk to check their computer system so if you get someone who refuses to check their computer index, wait a bit and call back again and hopefully someone more willing to help will answer.
Permalink Reply by MarshallGirl on November 25, 2008 at 13:00
Thanks again. I am going to try this on Wednesday.
Permalink Reply by groovy grove on November 27, 2008 at 7:27
BROKER SAID THAT THEY WERE GOING TO INVOICE CHESAPEAKE THIS WEEK. AND MAYBE WE WILL GET OUR MONEY NEXT WEEK OR THE NEXT. MY TITLE WAS CLEAR AND EVERYTHING CHECKED OUT. BUT I AM WONDERING FROM ALL THE BAD THINGS ABOUT CHESAPEAKE NOT HONORING DRAFTS I HAVE TO WONDER IF THEY WILL PAY OR NOT .. I LEASE THROUGH A BROKER. ANY THOUGHTS?????????????????????????????????
Permalink Reply by Summer on November 29, 2008 at 17:21
is Devon paying anyone bonus money?? i signed for a transfer to my bank, they have 45 days. dec 5th is the last day... my nerves are getting to me has anyone been paid from Devon?
Permalink Reply by jack spot on November 30, 2008 at 1:17
summer they are not paying any bonus money. they will probably come back with some excuse. if they are waitng on chesapeake to give them the money they are out of luck. let everyone know if you get it. good luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Permalink Reply by The_Baron on December 2, 2008 at 4:12
Don't worry about jack spot. He is just the HS black cloud of misery.
Permalink Reply by Bobi Carr ("parker") on November 30, 2008 at 4:54
Summer,

Devon is a huge company that is not dependent on Chesapeake for their money. Call them and see what they say.

So far the only company that we have heard that is not honoring their drafts is Chesapeake. We have heard of some being slow to pay, but Chesapeake presently looks to be the only one that is not paying.

GOOD LUCK, and please let us know your outcome. Then you can help alleviate the fears of others.
Permalink Reply by ALongview on November 30, 2008 at 10:59
Summer, As I have stated a few times on here before, Devon paid on time on two leases for us, so did Endeavor, so did Cabot, and so did St Mary. Chesapeake seems to be the worst of the bunch and the rest are dragged down by their behavior and quickly souring reputation. And Jack, you know so little about each individual and their personal situation that I suggest you keep your negativity to yourself. It doesn't serve any purpose and it helps nobody. A number of companies are still paying on drafts, on time.
Permalink Reply by Tom Johnson on December 1, 2008 at 12:53
Thanks ALongview for your rep;y to Summer, above. We are supposed to get a proposal from a landman rep. CHK soon, and now I am wondering why the offer will/would even be made, if CHK is not honoring leases with $$$, so I'll try to follow this thread and post if this actually turns out. Tom

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