Replies to This Discussion

Permalink Reply by jffree1 on August 23, 2008 at 9:21

Todd,

Google Benedum. Oil tycoons from Pittsburgh from the good ol' days (1880's) to present. Family owned company, it appears. O & G appears under "Benedum Interests". If they have the "worst" standard lease it's probably because they have a LOT (many, many many... years) of experience at taking landowners and making money off of them.

JF

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Permalink Reply by Gone Fishin on August 23, 2008 at 12:53

They are definately good at what they do or they wouldn't be around this long. The bonus and royalty they offered was good compaired to what others were offering at the time. The lease however gave them just about everything including the kitchen sink. I suppose you could say that is good business. I will ask for everything and the kitchen sink too in my counter offer. I just feel bad for those who dont know to counter offer. I could be wrong but I think a lot of folks will be sorry for signing that standard lease when it is all said and done.

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Permalink Reply by Mark on August 27, 2008 at 1:18

I would not rush to link the two together just yet. Sharing the same name does not mean they are the same company.

About your last sentence..grow up!

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Permalink Reply by Gone Fishin on August 27, 2008 at 2:28

Mark, have you heard of M L Benedum. And what do you mean "About your last sentence..grow up!" What did that refer to.

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Permalink Reply by Mark on August 27, 2008 at 3:35

Yes, I have. Michael L. Benedum of Benedum and Trees Oil Company out of Pittsburgh. He is long deceased,
he was a great oilman who made many discoveries both domestic and internationally. Truly, one of the great men of this industry. That company has not been active in this part of the world for many decades. Heck, they may not have been active anywhere as fas as I know.

My best guess would be that someone is "mooching" off of a good name and in no way connected to the real Benedum.

As far as the "grow up" comment. It is refering to the part about "taking landowners and making money off of them". That ideology is so old and immature.

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Permalink Reply by Mark on August 27, 2008 at 4:53

Could not disagree with you more. Making the comment that was made with zero facts is what a child does. That IS legitimate.

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Permalink Reply by Gone Fishin on August 27, 2008 at 9:25

I believe this is the same M L Benedum leasing here. They are supposed to be very active in west texas. Please understand I am not saying they are a bad company just that their lease agreement is not very land owner friendly. I also was looking at the leases filed with the county and of all the leases they have signed I do not see where any of them have been recorded. That does seem suspicious to me. maybe im missing something. They were offering 5000 while some other companies such as nfr were offering 300. If you lease at this point in the game maybe thats all youre gonna get. Its up to us land owners not the oil companies, to be informed and to inform our neighbors as to what is going on. Once informed it is up to them to decide what is a good offer.
But come on you have to admit if you were a land owner and sold for way less than what others were getting you'd be upset too. Just my opinion.

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Permalink Reply by jffree1 on September 9, 2008 at 17:27

Mr. Smith, I do apologize for so disturbing your sensibilities regarding the Benedum family. I had just heard about a little old lady (83, I think) who signed for an initial offer of 1500.00 an acre when, if she had just been better informed, she could have gotten 5K. Her neighbors did (I didn't say GOOD neighbors). I know this lady's nephew. He goes to church with my mother. That is not ideaology, sir, it is fact. And I let my feelings about this event color my remarks...so, sue me.

As to "Growing Up" this is as good as it will ever get...I'm 54. It may be downhill from here on out, in fact... And yes, I am disturbed that the unsuspecting are signing leases (just as they have done over years past, when it was just a little bit of bonus money and they probably were not ever going to see a well anyhow) without getting professional counsel about what they are signing or what the long term implications could be.

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Permalink Reply by Gone Fishin on August 23, 2008 at 13:10

The first person at the yard sale usually gets to pick the best deals.

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Permalink Reply by alleyboy on August 27, 2008 at 1:10

they were signing yesterday and again today at Ford Park Baptist with twin city.17n15w002.

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Permalink Reply by Gone Fishin on August 27, 2008 at 2:33

Benedum is now leasing in rusk around mt. enterprise and offering 3000/ac. and 1/4 royalty. they also said petrohawk was making the same offer.

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