I signed an agreement with Arnie Castenello this past week, so I can give you the information you want. He is a CPA who has been in the O&G business as well for about 20 years. He has 7 acres over on Shreveport-Blanchard Hwy, and when he started receiving low offers, he contacted a O&G attorney friend of his and they got together to "negotiate" a pooling lease with a major O&G. Because he is acting as a contract negotiator, he does receive 5% of the bonus ONLY. No royalties from the landowner goes to him AT ALL at any time. No one has signed the actual leases yet. We signed a contract with him stating that we would include our land in the "land pool" so that he would have an accurate total of acreage to take back to the company in the negotiations. We should have the lease to sign in about 30 days, I believe along with a check (not a bank draft.)
Anyway, the option was open to anyone owning their mineral rights in 18N15W, any section. And the amount we agreed to take was $15, 250 per acre plus 25% royalty. The O&G company pays Castenello's 5% of the bonus off the top, so each landowner is really getting $14,487.50 per acre, and that is all we will be taxed on (not the 5% that was paid to him, which I also liked). Last I had heard, the offer was good through last Wednesday night of this week, at which time he had to turn the total acreage amount over to the company, and it was over 1,200 acres on Monday, with more people signing each day up until that deadline.
I replied to you directly b/c there seem to be a few people on the Board who have some bad things to say about Mr. Castenello and I really didn't want to post this and then have it followed by lots of negative comments about how he is a "conman", etc. I met with him, as did everyone else who pooled their land and he seemed like a very honest person, and was much more knowledgable than the landman who had spoken to our neighboorhood the week prior when we were offered $7,500 per acre (whose company also has public records of leasing for that amount and then leasing it to the O&G for more than twice that.)
Before I learned about this Castenello deal, I had emailed every O&G company with my property description and asked if they were intersted in leasing my property so I could get the best deal. I also read this Board every day, almost nonstop, and became very educated on who was being offered what where. The morning after I turned in my paperwork to pool my land LITERALLY, I received a call from XTO in response to my email. I told him I had committed my land, but had not signed a lease, (and wasn't obligated to if I had a better offer). He told me that there was no way they could top that deal, and that I did well to get that where we are. It made me feel better, because I was afraid he was about to offer me $30k or something!!!!
Anyway, it is best deal I ran across even with the 5% off the top, which doesn't bother me in the least. I feel more comfortable that way, actually, b/c these 2 guys know the laws, what they are doing, and Mr. Castenello will be signing the same exact lease we are all signing since he has land in 18N15W also, so I can't see how we can go wrong. It may not be the best choice in some opinions, but everyone has to make an individual decision in this game of chance. For me, my offer went from $7500 to over $14000 in less than 5 days, and I took it. I wanted it least $10K, so I was happy with it. I just wanted to make a decision so the drilling could begin!!!!!! That's what I want to be able to look forward to!
Arnie Castenello 688-8299 (You can call and find out if the offer still stands.) And good luck to you in all of this :) Jeanie
If you can give me the name of his firm, address, etc., I may be able to run a business records search on my legal software that allows me to access business records. Also, the business, if legit, should be listed on the Secretary of State's website where the company office is incorporated.
The company is listed as being in existence since 1992. It also is identified as being in the "marine products catching" industry. I don't know what that is, but I'm fairly certain it doesn't have anything to do with the oil and gas industry.
Saw you signed up with EZMineralLease. I know you are asking $27K & 27% royalty. How does EZMineralLease make money? I know they're probably not doing it out of the goodness of their heart.
North Park Estates? I joined also. I may serve as a representative of my neighborhood (Northwood Hills/Indian Hills) in some capacity. I'm waiting to hear back from the organizers.
What was the highest offer? Have you joined North Park Estates? I drafted a letter last week where we solicit bids from 31 O & G companies. The letter is being finalized by the folks who are leading the charge. It is free to join. It looks like the 6 Sections we will be pitching will have 1000 or more acres. If you're in one of the sections, you should consider joining. It is a no lose proposition. Thanks for letting me hear back on the EZMineral Lease matter.
No data on the highest bid.I think I was the one of the first to join NPE....but no one else in my section was interested.... Terry said he would still put my acreage out with the others.
I have 2 acres in 18N 15W S24.....and a .25 acre in 18N 14W S5
wishing yall all the best.
Nice to meet you, Ray. I will get in contact her later this week. Is her shop in Shreveport? Thanks for the information. Good luck with you lease. I know that the Lord is in control of all of this madness and He will take care of us.
Cathy
Keith Mauck (Site Publisher)
Jun 11, 2008
ResearchMommy
I signed an agreement with Arnie Castenello this past week, so I can give you the information you want. He is a CPA who has been in the O&G business as well for about 20 years. He has 7 acres over on Shreveport-Blanchard Hwy, and when he started receiving low offers, he contacted a O&G attorney friend of his and they got together to "negotiate" a pooling lease with a major O&G. Because he is acting as a contract negotiator, he does receive 5% of the bonus ONLY. No royalties from the landowner goes to him AT ALL at any time. No one has signed the actual leases yet. We signed a contract with him stating that we would include our land in the "land pool" so that he would have an accurate total of acreage to take back to the company in the negotiations. We should have the lease to sign in about 30 days, I believe along with a check (not a bank draft.)
Anyway, the option was open to anyone owning their mineral rights in 18N15W, any section. And the amount we agreed to take was $15, 250 per acre plus 25% royalty. The O&G company pays Castenello's 5% of the bonus off the top, so each landowner is really getting $14,487.50 per acre, and that is all we will be taxed on (not the 5% that was paid to him, which I also liked). Last I had heard, the offer was good through last Wednesday night of this week, at which time he had to turn the total acreage amount over to the company, and it was over 1,200 acres on Monday, with more people signing each day up until that deadline.
I replied to you directly b/c there seem to be a few people on the Board who have some bad things to say about Mr. Castenello and I really didn't want to post this and then have it followed by lots of negative comments about how he is a "conman", etc. I met with him, as did everyone else who pooled their land and he seemed like a very honest person, and was much more knowledgable than the landman who had spoken to our neighboorhood the week prior when we were offered $7,500 per acre (whose company also has public records of leasing for that amount and then leasing it to the O&G for more than twice that.)
Before I learned about this Castenello deal, I had emailed every O&G company with my property description and asked if they were intersted in leasing my property so I could get the best deal. I also read this Board every day, almost nonstop, and became very educated on who was being offered what where. The morning after I turned in my paperwork to pool my land LITERALLY, I received a call from XTO in response to my email. I told him I had committed my land, but had not signed a lease, (and wasn't obligated to if I had a better offer). He told me that there was no way they could top that deal, and that I did well to get that where we are. It made me feel better, because I was afraid he was about to offer me $30k or something!!!!
Anyway, it is best deal I ran across even with the 5% off the top, which doesn't bother me in the least. I feel more comfortable that way, actually, b/c these 2 guys know the laws, what they are doing, and Mr. Castenello will be signing the same exact lease we are all signing since he has land in 18N15W also, so I can't see how we can go wrong. It may not be the best choice in some opinions, but everyone has to make an individual decision in this game of chance. For me, my offer went from $7500 to over $14000 in less than 5 days, and I took it. I wanted it least $10K, so I was happy with it. I just wanted to make a decision so the drilling could begin!!!!!! That's what I want to be able to look forward to!
Arnie Castenello 688-8299 (You can call and find out if the offer still stands.) And good luck to you in all of this :) Jeanie
Jul 12, 2008
Har C2
The maps are under the PHOTO section of this site.
Jul 20, 2008
W T Visconte
Did you ever figure out if the CHK fellow (Steve Thrower?) who made the $18K + 25% offer last week was legitimate?
Jul 21, 2008
W T Visconte
Jul 22, 2008
W T Visconte
Jul 23, 2008
Har C2
I had to change the Region designations in order to identify the Parish.
T is now Cd3 Cd=Caddo
Jul 23, 2008
Kassi
Jul 27, 2008
Kassi
Jul 27, 2008
W T Visconte
Saw you signed up with EZMineralLease. I know you are asking $27K & 27% royalty. How does EZMineralLease make money? I know they're probably not doing it out of the goodness of their heart.
Jul 28, 2008
W T Visconte
Jul 29, 2008
Coonman
Aug 4, 2008
inthestix
Sep 16, 2008
W T Visconte
Sep 18, 2008
Bobi Carr ("parker")
Sep 18, 2008
RAY
I have 2 acres in 18N 15W S24.....and a .25 acre in 18N 14W S5
wishing yall all the best.
Sep 18, 2008
Keith Mauck (Site Publisher)
Sep 19, 2008
Cathaus
Cathy
Sep 21, 2008
Cathaus
Sep 21, 2008
Coonman
Sep 30, 2008