I have run up against a wall with Chesapeake. Bought property that was unleased because the man who owned it was dying of cancer during the leasing period and Chesapeake rep didn't take the time to explain anything to him. He was in desperate need of money at the time too. We came along and bought his property which by the time we got it, it was in horrible condition. We let him live there the few weeks he had left before going into the hospital to die. Contacted Chesapeake after that and put them on notice we were owners at which time they said NO LEASE and we said fine. In 2015 the well paid out by my calculations and we contacted them. They agreed and we have been getting a monthly check since then. They told me in writing that when they got ready to drill other wells they would lease us. They permitted new wells. I contacted them and yes, first landman said they would lease. then yesterday out of the clear blue I get an email saying they will not lease us. In meantime I have friends who have unleased minerals in a super area where all wells have paid out and 17 months later Chesapeake doesn't know if they will put them into an old lease that was on the property before the foreclosure or leave them unleased so they WAIT. I have 2 other friends whose spouses have died and 2 yrs. later one just got a check and the big mineral owner died before he could get a check on over 100 ac with several wells. In both instances Chesapeake said they were still looking at the Succession papers.
This is a small tract I have but I don't like it when someone goes back on their word. Is there any regulating board to report them to?
This is a small acreage (doubt a larger acreage would make a lot of difference). They said they would lease me but it was not a legal document nor did they guarantee a percentage but said it would "probably be a 25% lease. I wish the state would do what Skip suggested and that is to get companies to offer unleased mineral owners 25% lease and no bonus. I would have jumped at that