Replies to This Discussion

Permalink Reply by Snake Stewart on August 17, 2008 at 3:36

Landman's getting a day rate for that. Why should I do his work ? This is about concerns of not getting paid. As elaborate as your explanation was , it doesn't explain why some haven't gotten paid by draft date as they were told. Big reason why 60 to 90 days are being asked on newer leases for drafts. Backlog must be incredible but not my problem. I can't see holding myself for draft that will be good after Christmas if its not even Halloween yet. I understand that it takes time to do these things but time could see jump in bonuses in your area while you are tied to that 3 month draft.NO THANKS ! To coin a phrase used by O&G's " Business is Business "

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Permalink Reply by HBP on August 17, 2008 at 3:57

Understood. And I think that is a reasonable response Snake. We've got companies that are trying to mitigate risk and landowners that want reasonable payment for a contract they enter into. The "business" occurs somewhere in the middle where the market allows it - where each side agrees.

Keeping all of this in a business context would be helpful because I think some of the landmen and landowners have gotten away from that with each taking part in different games. At the end of the day, it is simply a business deal and a partnership to produce a natural resource in a mutally beneficial way.

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Permalink Reply by Snake Stewart on August 17, 2008 at 8:24

It is easier for me to look at it from this side as a business deal due to the fact that I am fortunate enough not to have been in the crosshairs of those early " Business transactions " that left many with that empty feeling in the pit of their stomach and their pocketbook.

I may not rage like I once did about how O&G's transacted with people around here early on but I certainly will never forget how they ( O&G's ) really don't care about those people in those partnerships that you speak of. It may not could even be classified as unethical but It sure did put them in a bad light with those and the ones that are still unleased.It is really laughable how they use some of this money for " Job Fairs" and all the "Inflamercials" that are showing at the same time as the Beijing Olympics. I think I hear the theme music from Robin Hood in the background. Bryan Adams singing...." You know its true , Everything I do, I do it for you." I feel like I need to sign off now so I can go hurl!

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Permalink Reply by Cathaus on August 17, 2008 at 8:29

Snake,
You have a very nice fingering voice!

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Permalink Reply by Snake Stewart on August 17, 2008 at 8:31

You should see me type in "Harmonize"

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Permalink Reply by Cathaus on August 17, 2008 at 8:40

Oh you silver fingered devil, you!

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Permalink Reply by Snake Stewart on August 17, 2008 at 8:51

And this is Sunday ! Us devils kinda slack off on the Sabbath !

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Permalink Reply by Grateful Heart on August 20, 2008 at 3:29

Okay, people! Has anyone's draft from Petrohawk not been paid? I really need to know, since I received a 15-day draft from them on 8/18 for 22,500! Not rumors - just the facts, please. Has anyone on this site had bad paper - not I know someone or I heard......

Oh, one more thing - my landman said the 15 days begin when their bank receives the draft not when I get the check or take it to my bank. My bank has to mail the draft to their bank in Oklahoma.

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Permalink Reply by smith1 on August 20, 2008 at 4:05

We signed on 8/4 with Petrohawk, took directly to our bank in Bossier City on 8/5 and watched our bank do the overnight to Petrohawk's bank in OK, so Petrohawk's bank should of gotten 8/6 for sure. Counting banking days only, this is our 11th day and no money in our account yet....Still waiting. The landman requested our routing & checking #'s when we signed lease, not sure why if he gave us a draft??? Hopefully,we will receive by end of next week, but I have heard otherwise from others on this site. So, don't spend the money before having it! haha

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Permalink Reply by Grateful Heart on August 20, 2008 at 6:14

Thanks, csc. My guy got our routing and account number as well. He said it would deposit electronically. Seems to me the draft is just a promise to pay. They could either send an electronic payment or send a physical check to your bank. Electronic would simply be faster. I may be a fool, but I can't really believe that the local land company handling our lease would take the heat for Petrohawk. It would be unethical to say the least to give us a check draft knowing that it would not be honored. Why would they risk their reputation for Petrohawk?

Please let me know if and when you do or don't get your money!

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Permalink Reply by The_Baron on August 20, 2008 at 9:09

The time does begin from when the draft is recieved by the o/g bank. The o/g has till the draft expires to pay the draft, even then the bank will sometimes mail a cashiers check to your bank with the draft paperwork. this adds more time. Also the time period is "banking days" so a 15 day draft is about three weeks.

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Permalink Reply by smith1 on August 27, 2008 at 15:56

We rec'd our money from the draft, was wired as promised into our checking account within the promised 15 days. No problem whatsoever! From Petrohawk.

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