All leasing comes to halt
talk to landmen working for HK CHK XTO DVN All lease active is on hold for unknow period of time. All draft have been stopped on present deals, will not be paid and these lease will terminate at end of draft time period. They have cut production money. However the good news is they will continue to drill the leases they have which is enough land to drill for the next 20 years
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Replies to This Discussion
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Permalink Reply by Lee Davis on
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A-585 almost on edge, close to A-690. Pat Rone South, I believe. We all live out of state.
Lee
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Permalink Reply by Alexus on -
You can not file a lease of record until consideration has been given. A draft is not consideration. They do not or should not file the lease of record until the money is in your account.
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Permalink Reply by The_Baron on
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This is not how always works. Many times the lease will be recorded ASAP. Some landowners will hold on to a draft for some time, or the bank will take time processing the draft. However, if the draft is presented and goes unpaid, the landowner has the right to demand payment or even a relase from the lease. Technically the lease is not valid until consideration is paid, but this should not prevent the o/g from recording the lease.
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Permalink Reply by Two Dogs, Pirate on
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Alexus, there is a bunch of things being done that should not be done.
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Permalink Reply by b. davis on
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For one, I was offered, negotiated and accepted a Lease Agreement from Pride pending succession docs that needed to be filed. No problem they said. Now, they won't return my calls and I get a letter stating that Encana (which owns Pride) has petitioned to have my property (and that of many others) unitized. They strung me along until they got enough property to force pool the rest of us ....and I am furious. Unethical to say the least.
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Write to the governor. There is so much that is unethical and possibly illegal. He has no idea what kind of shenanigans are going on. I'm composing my letter today.
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Permalink Reply by Two Dogs, Pirate on
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Alexus was talking about leases being filed before the mineral owner is compensated. I see this happen all the time. I feel that there is nothing wrong with that, I have had mineral owners that may want to deposit the draft after the first of the year because they already have made too much money in the year. I see leases being filed that have been taken on HBP property. I saw one lease that read "Lessor in consideration of Five Hundred Fifty Two Thousand and No/100 Dollars ($552,000.00) and other valuable considerations......" this was on a 4.60 acre tract of land, thats $120,000 an acre. I have seen leases with month and year but no day date. I saw one lease that was taken for $500 per acre with a 2 year option to extend for $500 dollars, not per acre, this was on a tract that contained over 100 acres given to a flipper.
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Permalink Reply by Cory on
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We signed on October 4, 2008 in Greenwood. Draft has not gone through yet but I do not anticipate any problems. I do not think they are aggressively seeking out leases in new units but I think they are still leasing in units for which they already have a portion leased. They don't want the lease they have already signed in those units to go to waste.
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