Replies to This Discussion

Permalink Reply by Techex on October 28, 2008 at 5:05

The draft should have a time period in which the draft can be paid. Should be on the face of the draft. If the draft isn't paid within that time frame, you have a valid claim that the lease is void.

Permalink Reply by c f on October 28, 2008 at 5:11

our draft had a date of sept 3 and our lease was actually signed on sept 9. So is our time frame up? Is it too late for an attorney if we decide to seek one?

Permalink Reply by azrealtor on October 30, 2008 at 4:14

The draft period is usually spelled out, such as 14 day draft, 30 day draft etc. The company you leased with should honor the draft in that many days. I have heard it is banking days from the time the O & G Co. receives the draft from your bank, but please confirm this.

Permalink Reply by c f on October 30, 2008 at 4:47

azrealtor, ours was a 30 day draft. We were told by the guy from jwporter to hold the draft and he would bring us a check. We were scheduled to receive that check on Oct 23. Is that draft still good? Can we take it to the bank? Sorry for all the questions but we can't get any answers. Also, we did find out we were invoiced out to be paid on the 23rd and after that is when they changed it.

Permalink Reply by groovy grove on November 4, 2008 at 9:01

yes, i am having a problem not getting an answer from jwporters ofice about if the drafts will be paid. we held our drafts too. have you put your draft in the bank yet?

Permalink Reply by SL on November 4, 2008 at 10:10

I had my lease in a pool, through a lawyer in Coushatta. Supposedly, when I signed the lease, they would hand me a check, not a draft. That did not happen. Now the lawyer says he can't get jwporter office to return calls. I would like to call them myself, but not sure how to handle. It is the not knowing. I mentioned to the lawyer that I had heard no more payments would be made until after January, and he did not seem to be concerned. Of course, I am!

Permalink Reply by c f on November 4, 2008 at 15:30

no we haven't taken to the bank

Permalink Reply by groovy grove on November 4, 2008 at 10:38

are we supposed to hold these drafts?

Permalink Reply by Techex on November 4, 2008 at 11:18

I would just go ahead and take the draft to your bank and see if they will process it. The company may honor the draft. Otherwise, I am afraid you're out of luck. What was the $/acre that was agreed upon. If it was competitive with current lease bonus prices, you may consider leasing to someone else. Did the company record the lease in the parish clerks office?