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 The_Baron on November 13, 2008 at 9:25
Or where there some title problems?
Permalink Reply by EAST TEXAS on November 17, 2008 at 6:27
Chesepeake is returning drafts for Signed Leases that were executed in Harrison County. My lease was signed August 29, 2008, draft taken to the bank. The leases over here are 45 working days. On 11-06-2008 I went to my bank. My bank called and were told the draft would be funded on 11-12-2008. I did not get credit by today, so I went back to my bank. They checked and found that the draft was returned unpaid. There is no problems with the paperwork. All the title work was checked out and everything was fine on that end, have leased the land in the past many years ago (knew title work was fine). So they have lied about honoring binding lease also. My landman said they told them last week they were not honoring the drafts. They reported (in October- on the news) they would honor signed leases as they were binding, but they LIED again.
Permalink Reply by The_Baron on November 17, 2008 at 6:31
Was the lease directly with CHK or are they using a broker?
Permalink Reply by EAST TEXAS on November 17, 2008 at 6:59
Pangaea Land Services, LLC- They are the only one that I know of in East Texas that were leasing for Chesepeake. The spokesman for Chesepeake said they would honor all signed binding drafts, but that is not the case in Harrison County Texas
Permalink Reply by MarshallGirl on November 17, 2008 at 15:55
East Texas - Where in Harrison County is your land. We also signed a lease with Pangaea Land Services representing Chesapeake. Signed originally in August, but had amendments that were never reviewed by attorneys. Were told we could still lease at the offering price if we signed w/o amendments. We did this in early October, 45 day draft. Told now that draft would be honored but not due until Dec. 9th. Sounds like we are going to be in the same boat as you that Chesapeake probably will not honor the draft.
Permalink Reply by EAST TEXAS on November 17, 2008 at 7:01
The Land man also said that they were going to need my land, but we would have to renegotiate a new lease. When Donkies fly I will deal with Chesepeake.
Permalink Reply by The_Baron on November 17, 2008 at 7:50
i don't blame you. But I would be sure that they were working for CHK, or if they were just hoping to flip the leases to them.
Permalink Reply by EAST TEXAS on November 17, 2008 at 12:07
My lease is with Chesapeake. They are the lessee, they were leasing for them. My lease has also been filed in at the Court House. The lease is not with any one but Chesapeake. Matter of fact the lease was filed on August 29,208 one day after I signed it.
Permalink Reply by insomniacnla on November 17, 2008 at 12:16
East Texas,

Are you saying that the landman wants to renegotiate the terms of an oil and gas mineral lease that has been recorded and filed at the courthouse already? Good grief, a new low I suppose.
Permalink Reply by Bobi Carr ("parker") on November 17, 2008 at 12:21
I think I'm gonna go to law school. It seems like the employment security for attorneys in the Ark-La-Tex has got to be better than any place else around. EAST TEXAS, I sure would be getting in line for a good one.

And document everything.
Permalink Reply by Two Dogs, Pirate on November 17, 2008 at 13:08
Parker Louisiana College in Pineville is starting a law school.
Permalink Reply by Two Dogs, Pirate on November 17, 2008 at 15:24
For my part I graduated from LC and I thank God I did. I learned more there than anywhere. They teach you to think. A test there would be a half sheet of paper, tell me everything you know about this? All the professors knew your name. And yes you had to take religion but to me it wasn't a one sided Baptist approach. I learned about all religions both Christian and other.

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