Lease Payout
I signed an agreement to lease 50 days ago. Is there a time requirement on payout by the leasing company? And if they do not pay in a reasonable amount of time, what can I do? What would be considered a reasonable amount of time?
Views: 70
Replies to This Discussion
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Permalink Reply by Familyguy on
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I am assuming it is a lease. I signed, agreed on a price and they have done all of the title work and supposedly i am waiting on a check. I have been told to be patient. i am just wondering if everyone else is in the same holding pattern.
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Permalink Reply by Earth Mama on -
Check the court house and see if the lease has been filed and what date it was filed and with who. Also, was it a lease or an intent to lease? If it has not been filed maybe you could go with someone else. aka "race to the court house".
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Permalink Reply by Snake Stewart on
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Who did you sign with ? Some drafts aren't good for 60 to 90 days.
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I will have to look when I get home. It was via my accountant. It just seems like they are dragging their feet. They are already drilling on my section in Stonewall. I have signed the paper, title work has been completed and all I am supposedly waiting for is a check.
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Permalink Reply by ETOilman on -
Chad...check your copy of the draft to see the amount of days listed on the draft in the corner of the draft. 30 days is 30 banking days from the day the bank receives the draft....meaning Monday through Friday and not including holidays like the upcoming labor day Monday.
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Permalink Reply by ETOilman on
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You don't even know the number of days listed on the draft and you are advocating legal action? Come on. I make it CLEAR when I lease someone about the difference of calendar days and banking days. I also make it clear that the total amount to be paid is based upon title approval. If other landmen out there are not doing the same, then shame on them.
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How many banking days in 105 calender days ?
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Permalink Reply by insomniacnla on
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Parker,
Did you sign an actual lease and receive a draft as payment or did you sign an intent to lease. Chesapeake's letter of intent is called "Agreement to Lease" which by the way is not a lease.
Do you know which you signed?
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Permalink Reply by Horseman on
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Insomniacnla,
I signed an offer to lease with a landman(middleman) in the middle of May. The first term for the lease said I would get XXXX amount of money subject only to title verification. I have talked to this landman many times and he said the title came back clear and I owned all minerals to the property. Here it is 105 days later and still no money. Would you say they breached the contract by not paying since the title was cleared in early June. The landman keeps telling me I am guaranteed the amount we agreed upon but they still haven't paid any money. I have been contacted by several other companies wanting to discuss leasing but I told them I already signed an offer to lease. Any suggestions from anyone would be greatly appreciated. I know I made a mistake by not dealing with the oil and gas companies and going through a middleman but I did not know all that I know now.
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105 days is a stretch by anyones imagination.They have appeared to have breeched any form of reasonable agreement that they may have had with you.Count it as a blessing because money 105 days ago will not be the same money that you will receive as a better informed mineral owner.Do not make the same mistakes you did earlier on.Take your time and learn from the mistakes of others as well as your own. First time , shame on you! Second time , shame on me !
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