Under paid lease bonus
We feel that we got screwed on our lease. We have leased our 75 acres from time to time for $75 to $100 bucks per acre. We do not live in the area though we have a house there. We didn't think it unusual when we got an offer for just a little more than before so we just signed the lease and sent it back. This was toward the middle to the end of March. Right after that we went up to check on the farm and visit my brother Gilbert Aaron and found out things were hopping. My question is has anyone been able to break or renegotiate a lease because they were not properly informed?
Views: 189
Replies to This Discussion
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Permalink Reply by ETOilman on -
Good luck to Mr. Mayo. I certainly don't think he has much of a chance or otherwise throw out all contracts concerning real estate. What if I sold my acreage five years ago for $5000.00 per acre and I find out that it is resold for $8000.00 two years later? Should I sue the present owner because he was able to get more for the land? Of course not!!! This Mr. Mayo is really sticking his neck out.
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Permalink Reply by Scott on
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That story is absurd. Take responsibility for your own actions people. If you signed early, so be it. Chances are in a couple years you will be receiving more money in the form of royalty checks. That story makes me sick...
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Permalink Reply by Snake Stewart on
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Hello Mr. Aaron , I see that you have met a couple of our deranged posters already. Scott , I didn't know they still allowed you internet access were you are staying.
Right after you sign is a difficult time to find out that you may be sitting on the largest natural gas field in the country. That being said , the non deranged posters brought to point that a good well will make you forget all about the bonus hopefully anyway.
There are several individuals with a huge amount of land in my area that are seeking to break their leases that they signed too early. I personally do not feel that they will be able to do so. If they did , what would keep every other person that has signed already from doing the same ? The people that signed for$12,500 would certainly rather have the $25,000 that is being paid in those area's now. People that sign for $25,000 today will want my $36,500 that I get next year. It could be a never ending debacle.
If you feel that you have a chance then you must do what you feel you have to do. It isn't a matter of what we feel was right or wrong because what happened early on was wrong. Being unethical or no good doesn't equate to illegal tho I am afraid. Good luck with whatever you decide to do.
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Permalink Reply by Dan Aaron on
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Thank you for being kind. I only wanted to know what was going on in that respect. If someone is standing in the middle of 171 handing out $100 bills, I want to get one too! The landman as much as said he won,t do anything now but if he is served then he would go to the table.
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Permalink Reply by RL on
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Dan, I feel for you. As Rae stated, hopefully you will make out on your royalties...75 acres is a lot of land!
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We did ask the landman if anything was going on and he replied not anything that he knew of.
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Permalink Reply by Grillin' - MmmMmm on
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Dan, even if he would have known but told you "no", is that illegal?? Maybe low life, unethical, etc., but illegal?? hmmm. don't think so. But most companies handle this very well, using a couple of layers of insulation. Big Company hires little company land man to go out and lease. Tells them we want all the acreage you can get us in Parish A, sections x, y and z. We are are willing to pay up to such and such an amount and with a % royalty. We'll pay you a little bit for each acre you bring in and you can keep anything you save us. So if CHK is willing to pay $500 but the land man gets you to sign for @300, then he might be getting a percentage of the 200 savings.
But, they tell him NOTHING about the play and the potential. Or when they will be drilling. That way, he can HONESTLY tell you he doesn't know what the plans are!
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I never said that I could predict the future. This is a capitalist country at least until Obama changes it to Socialism. So learn market value and buyer ALWAYS beware.
One question, were you happy with the bonus money when you received it? (Be HONEST with yourself)
If the answer is yes, then you got market value at that time.
If the answer is no, then you should not have signed.
If you do not like the terms of your contract then you should have better informed yourself.
Well I need to go, my I think one of my stocks went down today, so I need to start my lawsuit against Wall Street.
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Permalink Reply by cc walker on
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thanks for some common sense on this site. do you think any of these
people doing all this crying about early bonus payments and how they got
screwed by o/g people will send back the check if they drill a dryhole?
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