Signing Leases

We signed a lease with Camterra Resources Partners located in Marshall, Tx, (oil, gas, mineral). The original lease was signed in Oct. 2002, and ended in 2005.
In April of this year, we received a remitance statement of royalties earnings, a check and a letter for us to sign the same lease that was signed previously with an effective date of Jan. 2005, sent from another company, Burk Royalty and Kibo Compressors Corp.
I have a problem with the effective date and if the lease was sold to this other company and if so when. We have nothing informing us of this transaction. It looks like the lease was sold after the lease was expired.
The Operator name on the lease now is Burk Royalty, property name is Owens Gas Unit, our property is located in Marion county.

I admit I do not know about the oil and gas lease game but something is not right here. Can anyone shed some light on this situation?
We have not signed.

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Permalink Reply by jffree1 on August 12, 2010 at 10:48
The only well I find in Marion County with "Owens" in the name is 315-30910, Burk Royalty Co.-Owens #1 found in the P. Maulding Survey, A-273. This well was spud on 11-17-04 and finished drilling on 12-08-04. It was completed in the Lassater (Cotton Valley) field on 1-05-05 and tested (IP) on 3-02-05.

If this is the correct well, I'd say that your lease was in force when this well spud. You would have to research the records in Marion to find the lease assignment and it might be prudent to have an attorney look at the lease they are asking you to sign. Burk is not the operator of record (TRRC) on that well now... it is Prime Natural Resources, Inc.
Permalink Reply by LaMetra Willis on August 12, 2010 at 13:48
Thank you! That is it. It was in the original lease. The one we received in April has P. Maulding Survey, A-273.Reuben Mitchell Survey, A-265 was added. Actually the remittance statements reflects dates starting at 1/2005 thru 4/2010. That is a lot of years for that small amount of money. The ck amount was only 1300.00. Looks a little shaded to me.
Permalink Reply by Two Dogs, Pirate on August 12, 2010 at 11:12
Did you cash the check?
Permalink Reply by Frank on August 12, 2010 at 12:32
It was a draft. Cobra Petroleum in FW, TX.
Permalink Reply by Skip Peel - Mineral Consultant on August 12, 2010 at 14:32
Do Not Ever Execute Any Mineral Deed to Cobra!!!!!!!!!!
Permalink Reply by Frank on August 12, 2010 at 15:28
Kidding, Skip. I ran another solicitation from them through the shreeder just aftet I posted that.
Permalink Reply by Skip Peel - Mineral Consultant on August 12, 2010 at 15:40
Thank Goodness! As much as I desire that no GHS members will fall for the Cobra offer, I would love the opportunity to expose them on local media. If a willing participant would ever come forward, there is a reporter waiting to write that story.
Permalink Reply by Big Daddy, bcnr on August 13, 2010 at 15:10
I got a "fresh" Cobra offer today. I felt so special. But I got over it and shredded it.
Permalink Reply by sesport on August 13, 2010 at 16:47
shhhh, There are certain advertisers around here that get chapped derrieres when we discuss solicitations by companies not willing to pay for advertising.

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Permalink Reply by Two Dogs, Pirate on August 12, 2010 at 14:47
Doesn't matter did you accept their money? Did you turn the draft over to your bank and receive the payment from Cobra?
Permalink Reply by LaMetra Willis on August 13, 2010 at 13:31
Who is Cobra? Also what does the initial IP mean. We should have received money was for the lease period although it took them 7 years to send it. The drilling continue from 2005 until this year without a lease in place. So what is your take on that?
Permalink Reply by Two Dogs, Pirate on August 13, 2010 at 15:20
I asked if you cashed their check?

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