Petrohawk Draft
has anyone signed with Petrohawk in last two weeks and received a draft as payment
Views: 201
Replies to This Discussion
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Permalink Reply by HBP on -
Are you sure we aren't confused with the other big player here that spent the last two weeks rescinding offers??? I have not seen Petrohawk walk away from singed agreements anywhere.
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Permalink Reply by Bill G on
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Jay, I heard the same as you! I know one deal for sure they backed off of that was an entire section of 640 the verbal acceptance was 17.5K
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Permalink Reply by Snake Stewart on
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Are you saying that Petrohawk is above doing what is happening in our area. Bad paper is bad paper.Offers have been pulled from all of them unless of course PTRHK isn't slowing down as well ?
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I know several people in the last couple of weeks that have gotten bad paper from even some of the big boys in this play. I personally will be a draft dodger. I do believe this is their favorite way of payment because it gives them more time to prove the mineral ownership.The newest #'s I know of are 60 to 90 day draft hold time.Way too long ! The offers in my area doubled from $6000 to $12,000 in about 6 weeks time. What could they be 3 months after you sign your lease and finally get paid. It wouldn't matter because you would be held by your agreement even tho you haven't been paid. No drafts for me.
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They could roll up pennies if they have too. HA! HA! No pun intended Mom.
Seriously tho , When they want to pay by draft they are wanting more time to check stuff out.If they give you a draft to hold you may not second guess that last offer you agreed to. Even if you had it wouldn't matter per say.I say do all the checking of titles and then come back and pay us with a check.Hopefully for them someone else hasn't slipped in and stolen their potential customer from them in the meantime. I will not sign until I get paid. I would sign and hold the paperwork but they wont be holding it until their paper is proven.
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Permalink Reply by smith1 on
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excuse my ignorance, but don't they check all the mineral rights, etc. beforehand
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Not ignorance at all ! This is a form of double talk from O&G's. They can back out of this draft at any time. You on the other hand do not have that option without recourse. They tell you one thing but actually mean something else ?They can't say that they are waiting on their deposits to clear with the millions and billions that they are raising for leasing purposes.
What purpose does the draft hold other then these reasons if the title has been cleared Mr. O&G 's that may be out there this fine morning ?
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Had to go to the dictionary on that one! Kinda thought at first how really rotten it was for you to poke fun at your husband for not being able to count!
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