http://blogs.forbes.com/christopherhelman/2011/01/21/chesapeake-ene...
http://morningstarpublishing.com/articles/2011/01/05/leader_and_kal...
It worked so well in Louisiana, they decided to do it in Michigan.... The entire articles can be read in the links above, but an excerpt is here:
Most of the plaintiffs are landowners in Texas and Michigan who agreed to lease their land to Chesapeake (often at prices more than $5,000 an acre) for oil and gas exploration. They signed contracts with Chesapeake, or one of its agents and received orders for payment in amounts totaling millions of dollars. So imagine their surprise when a few weeks later instead of getting cash the landowners instead got letters from Chesapeake claiming to void the leases and stating “we will not be funding the order of payment.”
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Did Chesapeake do this in Louisiana?
"give the title a quick look before the lease is signed. Obviously they are not thorough initially"
????? No, don't come with your papers for me to sign until you're ready to stand behind your word.
If I were the man doing the record search and keeping my ducks in a row, while the guy next to me flashes through the filed deeds and then spreads out like fire ants to 'lock' in leases, that is not smart business.
That is what I call dishonest and greedy. That same guy would also entertain the ideal that maybe he should be the only one who is allowed in the clerk's door and then lock it behind him to keep everyone else out.
Another very good read on this entire topic is here:
http://blogs.forbes.com/christopherhelman/2011/01/31/chesapeake-ene...
It all starts at the top.
In real estate, offers are generally accompanied with a deposit, ernest or good faith money that is held in escrow..
Why shouldn't mineral lease offers be handled in a similar way?
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GoHaynesvilleShale.com (GHS) was launched in 2008 during a pivotal moment in the energy industry, when the Haynesville Shale formation—a massive natural gas reserve lying beneath parts of northwest Louisiana, east Texas, and southwest Arkansas—was beginning to attract national attention. The website was the brainchild of Keith Mauck, a landowner and entrepreneur who recognized a pressing need: landowners in the region had little access to…
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AboutAs exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More |
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