Cheasapeake Making more Friends (NOT)
There seems to be a trend developing with Cheasapeake. First they backed out of a deal in Keithville then said they would pay. The Greenwood Deal now seems to be a big maybe even with Drafts sent out by JPD . Now Cheasapeake is telling JPD to extend to JAN with stipulations added. Now today on TV-12 they have been caught again changing an offer from 15k to 5k. This is the company that has been advertising non-stop on radio and TV about how they want to blend in with the community. What is next for Cheasapeake? They are setting themselves up for a public relations nightmare in this area with Deals like these. I doubt people will forget this sort of thing. I would use MUCH caution when dealing with this company after seeing what they do.
Views: 151
Replies to This Discussion
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Permalink Reply by Guy Marsh on
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The wording in O&G Leases is complicated and a english labrynth to most mineral owners. As I said and as you have done, educate yourself. Read the lease word for word again and again until you understand it. It takes time, but you can do it.
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How the funds are used once they have been transferred to our public coffers is not the O&G companies responsibility. The people we elect should put the money to use wisely. If it is misappropriated, stolen or simply wasted, that is utimately our fault as voters!
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Permalink Reply by Snake Stewart on
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(quote by KB) .... the "pubic coffers" and/or elected officials
Hey KB , When you get through sippen' that kool-aid, would you please tell us all what the Yiddish term "Pubic coffers" really means. I tried to google it like ole 2Dogs does but the filter on my internet keeps saying it wont allow me to view it.
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Oh I get it ...; "PUBLIC Coffers" HA!HA!HA! Little joke about your leaving out a very valuable letter on the word PubLic , KB
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Permalink Reply by sesport on -
FOMCAROTFLMA!!!!!! Actually, your Freudian slip may have been accurate in some cases ... there have been some in government that dipped into those kinds of coffers.
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Permalink Reply by Two Dogs, Pirate on -
KB the Louisiana Government is kinda like a Landman, some smart landmen excluded. Here in the state we ride the oil & gas rollercoaster. We have up and downs. The smart landmen know the tracks and stuff money back for hard times. The smart landmen don't buy the companies stories about the big job, gonna last for the next 20 years. The smart landmen never unpack their suitcase because they know the tracks the rollercoaster may travel. The unsmart landmen buy in to the story that the companies paint. So does the state. We as a state spend money that we don't have in our hand and bet on the come. Thus we go into debt and when times get hard we are forced to pay interest on what we can't pay off. The unsmart landmen uses credit cards with higher interest rates to float himself across the hard times, then have to pay back the debt when the rollercoaster takes an upturn. In the past I got the last downturn paid off but am still behind on the IRS because of cercumstances beyond my control, the state still haven't learned the lesson.
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KB, you continue to avoid the intentions of my original "rant". I never said anyone did not have the right to "whine". My kids do it constanly - he got this and I didn't, I had to do that and she didn't! It is a constant from children and parents simply have to explain at times that life is just not fair. I am tired of hearing it from so called adults! "They got $20,000 per acre and I leased mine two year ago for $100.00 per acre. I got screwed!" NO YOU DID NOT! TIMES AND CIRCUMSTANCES HAVE CHANGED! The average price paid for the Kisatchie National Forest was 50 cents per acre. I don't hear those landowners who sold complaining that they got screwed. Hind-sight is 20/20!
LIKE I SAID in my "rant" - IF YOU DONT LIKE THE OFFERS DRILL YOUR OWN WELL. They range in price from $2 to $7 million. Then you can keep every penny of profit OR LOSS!
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The mineral owner that "whined" to me about the agreement that was not honored, held the lease agreement for 2 months shopping offers. He then signed the lease and took it to an attorney for review. The attorney attached (stapled) a long list of addendums to the lease (then offered to "negotiate" the lease for $500 per acre) and called the evil "Big Oil" company. The mineral owner was promptly told no deal and he began the whining. At this point, it appears his greed has cost $20,000 per acre on a 183 acre tract. I DO NOT FEEL SORRY FOR HIM! He wasn' happy with the $25,000 per acre lease bonus, he took the chance, he lost. He should have took it to the boat! SO NOW HE JUST WHINES ABOUT THE DEAL BIG OIL WON'T HONOR!
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Permalink Reply by sesport on
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So, are you frustrated because you couldn't have it (the lease) your way, or aggravated because this was exposed?
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Doesnt having a 183 acre tract still kinda put him in the drivers seat so to speak ?Unless he is spread out over 3 or 4 sections I guess. Especially if they already paid his neighbors that $20,ooo an acre. What are the O&G's gonna do , eat those other leases ? I dont see where they did themselves any favors either. Bad business move. How do they come back later before the other leases run out and deal with Mr. 183 acres, now that he is really peeved ? They arent going to drill without him.
He may have lost out on that deal but it will cost much more in the long run for CHPK due to their loss of credibility and the fact that people know more now then they did 6 months ago. How much more will they know 6 more months from now when gas has gone back up and the instability of foreign oil has again begun to dominate the discussions.Our best , imediate future rests in the arms of natural gas. No matter what the price per thousand is. "Un-natural gas" / oil will always out pace it due to its unavailability and higher to produce costs.
That "greed" that has been refered too may actually pay bigger dividends in a year or 2. -
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Permalink Reply by Pam on
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Exactly. I have property in DeSoto that I leased 2 years ago at $100/acre and 1/6 royalty. Thats all fine and dandy. But our family property in Sabine was put out for offers; we accepted the first offer, signed an agreement to lease, had our attorney write up our clauses, and signed the lease. This was all done promptly. Some of us have been paid as agreed upon, some of us have not.
I'll take a Bud Lite.
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