$2,000,000 lost because he wanted $2,400,000 in Sabine
So I'm in the Desoto courthouse today and a young guy (I guess about 24) sitting in the hallway on a folding table working on his laptop gets a cell phone call. It's like talking in a library, you can hear conversations no matter how low somebody tries to talk. He goes on to tell his friend on the phone about how he was working on a 200 Acre tract of land in Sabine. He offered $10,000 an acre on behalf of Chesapeak. The land owner said he wanted $12,000 so the guy says he would take that offer back to Chesapeak. I didn't catch in his story how long this process took but after he called in the counter offer his boss told him that they weren't taking any new contracts in Sabine. If there wasn't already a signed leased they weren't making new offers. The land owner called him and said "so what about my $12,000 an acre?" He told him they couldn't do that, so the land owner said "ok, I'll take the $10,000". He says "no, you don't understand, we aren't even offering that now". In telling the story to his friend on the cell phone he was taking great joy in the fact that the entire $2,000,000 was now off the table. I got the feeling he is tired of working all the back and forth negotiations.
Don't ask me any details because I do not know anything more than what he was saying on his end of the conversation. I would guess the land owner will get another offer from somebody at some point. It was just very interesting to hear such numbers. That guy was going to bed one night thinking he's got at least $2,000,000 in the bank and then the next day he's got nothing. I'll be looking in the newspaper to see if some wife killed her husband because you know he was saying to her "don't worry, I know what I'm doing."
Don't ask me any details because I do not know anything more than what he was saying on his end of the conversation. I would guess the land owner will get another offer from somebody at some point. It was just very interesting to hear such numbers. That guy was going to bed one night thinking he's got at least $2,000,000 in the bank and then the next day he's got nothing. I'll be looking in the newspaper to see if some wife killed her husband because you know he was saying to her "don't worry, I know what I'm doing."
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Replies to This Discussion
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Permalink Reply by po boy on
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Now THAT'S something to think about!
Ok Randy,Parker,Thomas first one here with a check for $17000 an acre and 25% royalties,gets the lease!
Just kidding! (maybe)
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Permalink Reply by Bobi Carr ("parker") on -
You need to review my posts if you think I am a landman.
But, hey if you are in a good area that I could flip that $17,000 per acre for a solid $30,000, give me some details.
Just kidding! (really)
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two years ago you could have gotten half the parish for $10 and a moonpie
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Permalink Reply by Martin on
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Po Boy --- Not me --- you need to throw in an RC Cola with the Pie! Or a Big Red......
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Permalink Reply by Carter on -
Yeah you could, but you better have one helluva letter agreement in hand knowing where to move it to. One bad deal like that will ruin you.
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Permalink Reply by reg on
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he and everyone in his section should call one of the other companies that is horizontal drilling in the Barnett Shale
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What's wrong with a landman making a quick buck? I mean, my family leased for 150.00 an acre and an 18.75% royalty and then the landman sold it for God only knows how much. What's wrong with that?
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Permalink Reply by ez on
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lol..... you know the gas is there and its not going anywhere and with the amounts these wells are producing there not gonna leave it. that man may end up getting twice as much in the end. they may have done him a favor.
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Permalink Reply by l m wilson on
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lol Earl, but it was a cute story. Looks like the games have begun! I'm going fishing.
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