Replies to This Discussion

Permalink Reply by Rhonda G on August 16, 2008 at 5:21

I only signed a Letter of intent, not a lease agreement. Nothing is final until you sign the lease agreement with the O&G Co. I believe we should join forces without someone looking to get a piece of our pie. I fill no need to rush; offers will be coming in for months, if not years.

Permalink Reply by reg on August 16, 2008 at 5:52

how was arnie paid?

Permalink Reply by Caroline B on August 16, 2008 at 8:09

He's not even a landman! He's a CPA. He's just a dealmaker who made a bunch of money off of alot of folks!

Permalink Reply by SharonB T18N R15W S8 on August 16, 2008 at 11:02

He took 5% of the landowners 15,250/acre, and his contract allowed for him to also get compensation from the O&G company in the form of royalty or bonus money in addition to the compensation from the landowner....AND the additional compensation did not have to be disclosed....
So to answer your question, we may never really know how much CHK actually paid per acre or the royalty amount.

Permalink Reply by Ray C on August 16, 2008 at 12:09

A man that works for me was signed with Castellano and he hasn't said anything about gettting the money. Not that he has to, but he usually tells me where he is in the negotiations. That said, I cannot understand why people are so worried about what someone makes on something as long as they are happy with what they got. A lot of these people were thinking of taking offers from twin cities of 8500.

Permalink Reply by Queenie on August 18, 2008 at 11:43

I want everyone to know that my husband and I signed the lease this morning with Arnie Castellano. He went over "exhibit A" with us, and it covered everything our attorney had drew up for us to request.
He presented us with a check on "Chase bank" that we took straight to our bank and deposited the check. SO, yes, the checks from Arnie are good!!
To all of you that are going to call me a "dummy", please don't!
I said as some of you have said, "I will never pay anyone to get my money for me." After thinking it over and getting smaller offers from other o/g companies, we said, what the heck let's go for it and be done with it.
I have always said and continue to do so........ To each his own!
Thank you Ray C and Gatrpaw for your support on this issue.

Permalink Reply by Ray C on August 18, 2008 at 13:06

Glad for you Queenie. Sounds like he got you more money than you might would have got and sooner also. Arnie made money and everyone sounds like they got better bonus and a good lease. End of story. By the way, don't worry about what other people think, most times those folks are just jealous. LOL

Permalink Reply by louisiana lady on August 19, 2008 at 2:41

Way to go, it seems that the north side of town has consistently been offered less than other areas and the offer from Arnie is the best to date. Since companies seemed to back out of deals recently in our area your timing was great.

Permalink Reply by SuziQ on August 21, 2008 at 4:12

I tried to get some references from Arnie since I live out of state and he was rather rude--said he doesn't give references. How long did it take with him and what was your experience? Looks like it was good and profitable.
I, also, am considering Bill Pittman from myoilpro. Does anyone have any experience with him? He has 3 levels of commission--4% on gas lease only, 3% plus 1% of royalties or 2% plus 2% of royalties.
Since I am 74, I am not really interested in waiting out the gas companies--they could outlast me.
I have bought and sold many houses and I generally use a realtor to get my best price fastest and I do pay commission to them. They have more exposure to the market.
Since I only have about 7 acres in two different areas, I am sure my land is "small potatoes" to the gas companies.
I would appreciate any knowledge anyone has on these two landmen.
Thanks!

Permalink Reply by Pat on August 26, 2008 at 17:04

To quote parts of what you said "He took 5% of the landowners $15,250/acre" and "also get compensation from the O & G company".

Wow. Just read that out loud to yourself. I am sure he is a very nice man though.

Permalink Reply by SuziQ on August 26, 2008 at 20:47

The contract states that he "MAY" be compensated by the o/g company and he is under no obligation to disclose that if he is and that it is not a breach of loyalty if he does. It is a lot longer, but that is the basic meaning. I have requested contracts from two other agents and neither of them has that stipulation. Unfortunately, it is an area in which most of us have no expertise. These men have the knowledge and/or connections and get paid for what they do. I pay to get my car fixed and know some places get a kickback on parts--some don't.

Permalink Reply by J Todd on August 18, 2008 at 3:23

I would like for someone whose check clears to post on this board. You see we could have signed a toplease but once they learned Goodrich was already drilling, which I just learned, the co. would most likely have cancelled the draft or otherwise gotten out of the lease. Just a heads up. If you are ALREADY under lease, be sure to find out if drilling is already in progress. We got several unitization letters but I did not realize the rig was in progress til last week. So we cannot get bonus money because drilling began before our lease expired.

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