Replies to This Discussion

Permalink Reply by Karen Arnold on August 15, 2008 at 3:35

I am in T19 15W and section 28 I am trying to organize our section to join forces with North Park Estates and surrounding subdivisions. They are going to submit an offer to several companies and take the highest bid. There is no charge or nobody is getting a percentage it is just a bunch of homeowners trying to get a good deal.If anyone is interested you can contact me
Karen Arnold

Permalink Reply by hoover182 on August 15, 2008 at 3:47

Karen, I am in the same section and it is my understanding that we have been force pooled by Goodrich. There is also a well already being drilled in our section. This was related to me yesterday by another owner in that section who said that we were likely out of luck when it came to getting a lease bonus. I'd like to believe we have some sort of shot at a lease bonus, but don't think we will know for sure until someone (or a group of people) obtain legal counsel to straighten some of these issues out, and we find out from an expert what our rights are as mineral holders.

Permalink Reply by hoover182 on August 21, 2008 at 17:55

Thanks for the info. Good to know they aren't just drilling for the shallow well and holding the land by production for eons until the HS is explored. I had a lease effective until Oct 2008 with a smaller drilling company, so I am left to assume that Goodrich bought out the lease and there likely will be no lease bonus because of HBP. I probably need to speak with an attorney just to be 100% certain about that.

Permalink Reply by SharonB T18N R15W S8 on August 15, 2008 at 3:58

I can't find any requirement for the O&G company to make a "final offer" at the time of forced pooling in Louisiana, whereas Texas law covers it specifically. My take on it though, and this is a quote from a landman - "It would be in their best interest to make an offer." In Texas law, the bonus amount paid to the unit is used as a measuring stick, but there is no clause that I can see in the LA law, so I'm thinking this a good thing since so much of our area went cheap (before March). Now the O&G company will need to make an offer we can't refuse in order to keep us from getting our 100% less cost.

Permalink Reply by hoover182 on August 15, 2008 at 5:25

I read somewhere on this board (I really need to talk to a lawyer!) that the O & G that has force pooled you has the right to 100% of cost AND a "risk fee" that is equal to the amount of cost. So before you see a dime of royalty, you have to pay your share of 200% of their cost. Based on documents I received from Goodrich, the drill on 19 T - 15 W - 28 will not even be for the Haynesville Shale, but for the Cotton Valley Formation. It may take quite awhile for them to recoup their expenses. Perhaps if the well shows long term promise they will be motivated to offer a lease agreement with bonus. I guess I'll have to wait and see:(

Permalink Reply by SharonB T18N R15W S8 on August 15, 2008 at 5:35

The 200% risk penalty clause does not apply to unleased landowners. THere is a thread on this site that lays that dead horse to death. You will only pay your share of the cost. Someone on here said the monthly operating costs run 10-15%. Can anyone confirm whether this is accurate or not?

Permalink Reply by Coonman on August 18, 2008 at 5:07

JTodd you said there was state land in your section....Did you look to see how much the state got paid for thier acerage on Sonris?

Permalink Reply by J Todd on August 18, 2008 at 7:17

Coonman,

I don't recall ever saying there was any state land in our section because I know all of it is privately owned. I went to the courthouse months ago and got a list of all of them. So, did you possibly get me mixed up with another poster??

Permalink Reply by Coonman on August 18, 2008 at 8:36

LOL....... maybe sorry for the confusion

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