Replies to This Discussion

Permalink Reply by jffree1 on August 25, 2010 at 11:43

Their mineral reservation would be all depths, I'm sure.

Permalink Reply by Jim Snow on August 26, 2010 at 7:53

Hi Everyone,
I am at a total loss on oil and gas leases. My family has been approached by Paloma Partners II about leasing our property in Sabine County. We do not live there, so we are at a disadvantge on what is going on around this area. Any info would be appreciated.
Thanks,
Jim Snow

Permalink Reply by jerry mccarty on September 2, 2010 at 6:19

I had a contract in review by Paloma. I was under the impression from their land man that everything was O.K. and it was just a matter of Paloma Mgt. approving the exhibits installed by my attorney. That has been two months ago. All that I got from that deal was an attorney fee. This was in the McAdams survey---Jerry

Permalink Reply by Jon Williamson on September 2, 2010 at 11:03

Jerry, is that exhibit(s) plural? Gas could be heading to $3. These companies aren't nearly as willing to give away the farm to get someone signed. If you have a large tract (20) acres plus an attorney is probably a good idea. In lean times they can do way more harm than good in my opinion.

Permalink Reply by jerry mccarty on September 2, 2010 at 11:48

Yes- the exhibits is plural. Things were fine until I told them I would not accept a 30 day draft. They could run title and mail the actual check, after they determined my ownership. --Jerry

Permalink Reply by mike vickers on September 10, 2010 at 8:22

Is that McAdams survey south of sexton and the Frazier survey? We just signed with Paloma for some land we own in the Frazier and they handed us a check, 15% now and the rest next year when our lease with devon expires. A draft was never mentioned in this deal.

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