Replies to This Discussion

Permalink Reply by Linda Whatley on October 18, 2010 at 14:55

I received a royalty check today on Virginia Packert 6 H from PXP (Plains exploration & Production Company), the company who bought my lease from Chesapeake. I immediately called them to ask why I hadn't received a Division Order yet, and was told it would be mailed next week. After talking to them, a friend contacted me to let me know PXP had miscalculated her ownership interest, so I checked mine and discovered it was wrong too..... So I called PXP again and left a message for them to return my call........ so here I go playing phone tag again.

Permalink Reply by kittycatmama on October 18, 2010 at 15:03

Linda, are you sure Plains bought that from Chesapeake? I think it is an offer to buy your minerals. DO NOT cash that check. I cannot find anything on Desoto Records online showing that Chesapeake sold Packert interest to Plains. Call Chesapeake and find out if they sold this section

Permalink Reply by Skip Peel - Mineral Consultant on October 18, 2010 at 15:08

Plains owns a portion of every lease that CHK owned at the time of their Joint Venture agreement. Plains is not offering to buy LInda's minerals.

Notice the date of this announcement and read the release.

http://www.chk.com/News/Articles/Pages/1171282.aspx

Permalink Reply by Linda Whatley on October 18, 2010 at 15:13

Kittycatmama,

Not planning on cashing it .........The check did not have any other information except the normal stuff that a royalty check has. It shows Well #, Well Name, Price of gas, MMBTU Qty, production month, Gross & Net, County (Parish), Interest factor, Paid Int., Value, Deductions, and Net Value..... and current and YTD. .. also shows Owner ID.... I'm pretty sure it's a royalty check, but again, it's not correct, so I won't be cashing it. ..... But I will contact Chesapeake tomorrow just to make sure.....

Thanks for your warning!

Permalink Reply by Linda Whatley on October 18, 2010 at 17:40

Thanks for the clarification Skip........ now everything makes sense to me. Will wait till I receive the DO though, just to make sure I understand what took place, before cashing the check.

Permalink Reply by Skip Peel - Mineral Consultant on October 18, 2010 at 15:06

There are no current permits for Section 7. Have you done a search for Unit Well Applications for that section?

http://dnr.louisiana.gov/cons/CONSEREN/hearings/pubhearings2010.htm

Permalink Reply by kittycatmama on October 18, 2010 at 15:14

yes, nothing before DNR yet. The rock hauling just started today, so probably will see something before DNR next month. Just thought you may have heard something.
Ok, will people who are leased with Chesapeake get checks from Plains and from Chesapeake? $300 for 2 months of production on a successful well on 2 acres just isn't the right amt.

Permalink Reply by Skip Peel - Mineral Consultant on October 18, 2010 at 15:29

The original deal was for a 20% PXP stake in all CHK leases at the time of the JV. There has been some modification to the agreement since then. You can search the news releases available on CHK's website and find out all you'd care to know about the CHK/PXP agreement. If the percentage ownership is unchanged, then CHK would owe $1200 on the same well for the same production period.

Permalink Reply by Linda Whatley on October 18, 2010 at 18:03

Skip,

I just recalculated using the information you provided, and it came real close to what PXP sent. Of course I don't know what the total acreage of the unit is, so that might account for the small difference in my calculations and theirs. .......... I'll know for sure when I receive the DO.

Thanks again for explaining things. The information you provide on this site has been very helpful to me......... just wish I'd learned a lot more before signing any of my leases. But hey, I'm happy............ Like Jack Blake says, the HS is a true Blessing to all of us.

Your Friend,
Linda Laffitte Whatley

Permalink Reply by Linda Whatley on October 20, 2010 at 3:42

Hey everybody,

I just spoke with a rep from PXP and he told me the Division Orders are going to be mailed out tomorrow. So all of us folks who have a lease with Chesapeake should get a DO real soon.

Linda

Permalink Reply by Skip Peel - Mineral Consultant on October 20, 2010 at 3:47

Linda, did you happen to ask for the proportional joint venture interest between CHK and PXP in this unit?

Permalink Reply by Henry on October 20, 2010 at 6:02

It is strange that she is the only person who seems to be getting checks from both CHK and PXP... No one else in my survey reported being paid like this.

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