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: 147
Replies to This Discussion
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Permalink Reply by Pam on -
I signed an agreement to lease my little bit of property in Sabine Parish to CHK on Aug. 15 and signed the lease on Oct. 3. The bonus was supposed to be paid in immediately available funds within 30 days. An attorney brokered the deal and is not releasing the signed, original lease to CHK until they pay. CHK says they may pay Nov. 7, or if not then, after the 1st of the year.
They are already unitizing my section. At this point, I just as soon be force pooled and receive 100% royalties. ;>(
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Permalink Reply by SL on
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Do you mind me asking where the lawyer was from? I signed an agreement close to that date, and just signed my lease last week. I was told when I signed the lease I would get the check. Didn't happen. Lawyer says he is holding the lease until they pay too.
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Permalink Reply by alleyboy on
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I don't quite understand why some don't get results while others do. I signed with a greoup represented by a lawyer named Godfrey. I was advised not to because I would have to pay him $500.00 per acre. I signed anyway and inside of a little over two months, I put a $17,500.00 (per acre) check in the bank.
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Permalink Reply by Iris on
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Rec'd letter from Twin Cities today revoking any offer that had not already been submitted. Never received any offer from them period. Must have sent letters to all on tax roll.
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Permalink Reply by mary on
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Ask Texans what they think of the company. They are not surprised by this at all.
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Permalink Reply by George III on
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I really don't believe there is anything evil about CHK-Remember the prices people were getting before CHK came to town? Five hundred and acre was top dollar for the same acreage for many, many years- 250 per acre was more common-Local O&G developers are furious with Aubrey M for blowing the lid off the prices- they can't compete- I think CHK will be back when they get some more money for new leases- but it may be a while- CHK and Petrohawk have been awfully good for the area-but thier stock prices have been hammered and they appear to be low on cash for leasing at this moment- I'm willing to give them a break-and I'm looking foward to seeing them partner with BP or another major-any major-now those guys have the cash!
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ATTENTION MINERAL OWNERS!! There is a 100% cure for all of your troubles with these greedy, for profit, O&G companies: DRILL YOUR OWN WELLS!! They only cost several million dollars (whether they produce or not) and the drilling companies will be glad to drill for you!!! Then you can sell your own O&G to whomever you wish and these "Big Oil" companies won't profit 1 single cent from you. Who are they anyway?! They come in here, invest billions in our local economies, produce huge increases in county and parish tax rolls, provide badly needed jobs and offer huge lease bonuses that were worth a hundred bucks 6 months ago. AND THEY DO ALL THIS AND EXPECT A PROFIT!!! Get real people! Your mad because they retracted offers - you should have signed the papers then if it were such a good deal. Now that pricing has changed the only person to blame for missing the boat - is yourselves! But then again - the solution is DRILL YOUR OWN WELL!
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KB, did the City of Shreveport sign for $1.00? Yes, it did and now they want to renig on the deal and have hired consultants to figure out a way to get out of the agreement. Would they be upset if lease bonuses had gone down instead of up? I think not. I am sick of those who fuss because "we got screwed" 3 yrs ago when we leased for $150/per acre and now the price is $5000. Would they cough up any of the lease bonus had the O&G company drilled a dry hole? NO! But the same people whine because they either wait to long or lease to early. The same people screaming about "Big Oil" profits have thousands tucked away in retirement plans that purchase "Big Oil" stocks. I dont think they would leave their money in these investments if the companies decided they did not want to turn a profit. In conclusion: Yes! I am ranting about greedy mineral owners whining about greedy oil companies that the greedy mineral owners purchase stock in! MY MOTTO: If the deal is not a WIN-WIN situation for every entity involved, then it is no good. The deal has to be mutually beneficial and to try and force a company or an individual to take a bad deal - is plain stupid!
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If they signed and returned the lease itself to the O&G company, not to some group representative or attorney who decided to "negotiate" a little more, then the company should honor it. If the mineral owners allowed the lease to lay on the kitchen table for 3 months while waiting on a better offer, then the market drops and they suddenly want a deal - Sorry! You missed the boat!
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Permalink Reply by nisie, not a happy camper landowner on
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Guy Marsh,
The only reason I am not leased is because of a large landowner in my section that had been neg with CHK for a year. I tried to neg a lease with them but they wanted to deal with large landowner first.
Now we have section in core area not fully leased by anyone. And they do more than invest billions in our local economies, they take advantage of the poor and uneducated in our area and encourage them to sign for pennies.
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Nisie, 1) If the situation is just as you described, then the landman that would not negotiate with you before he made a deal with the large landowner was a fool. 2) I am sure someone would be interested in your "section in core area" even if it was partially leased, but you have to be willing to make a deal that will benefit all parties and if your past failures in reaching an agreement and/or a change in the the leasing environment have hurt your position, then you have to accept that. 3) History is full of governments, businesses and individuals that have taken "advantage of the poor and uneducated". A great majority of the time the poor are poor because they are uneducated! The solution: EDUCATE YOURSELF!!
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Permalink Reply by nisie, not a happy camper landowner on
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I did educate myself since April on the shale and will continue to do so. People do have other things going on in their lives such as my father passing away and having to take over his business. I don't expect other people who are not in transportation to understand our business. I can't find fault in others because they don't have knowledge specific to a certain industry. From my relations with others since the introduction of the shale I have found most people have tried to educate themselves as much as possible. You do have to admit that much of this information I believe is intentionally so legalese that a lot of people with a normal education do not understand what is being said.
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