Who is honoring and not honoring their Lease Bonus drafts?

There has been a lot of concern and wonder as to which o&g companies are going to pay up when their lease bonus money drafts come due and who are going to let the leases simply expire. I think it would be helpful for everyone if you have a draft that has recently been honored, for you to post 1) the date the draft was made, 2) the date it was honored, and 3) the o&g company who honored their draft. And if you have been told by an o&g company that they will not honor their draft, that would be helpful too. Also, the bonus/acre amount honored or not honored would be helpful. I think this will give everyone a better idea about what to expect with outstanding drafts from the various companies.

Thoughts?

Tags: Bonus, Draft

Views: 421

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Replies to This Discussion

Permalink Reply by RJ on October 30, 2008 at 6:21
Inez, That fact that they have added another step in the getting paid process disturbs me. My opinion of this is that it is a stalling tactic to delay or back out of the transaction. Will your mortgage company sign the Nondisturbance form?? What happens if they do not. Changing the rules in the middle of the game is not what should have been done. Things keep getting more interesting and the Drafts deadline is approaching. If nothing else is learned from this deal it is NEVER take a DRAFT!!!
Permalink Reply by Sylvia Wade on October 29, 2008 at 10:39
I have been working with Eagle Oil & Gas out of Dallas since May and unless there was a title failure, ALL drafts were paid and paid on time.
Permalink Reply by shawn on October 29, 2008 at 16:49
My draft paid on monday but I was worried it would not
Permalink Reply by Eric Camp on October 30, 2008 at 6:26
Good sign.
Permalink Reply by shawn on October 30, 2008 at 2:05
I signed sept 16 with Chk took the 20 day draft to the bank next day it paid oct 27 for 48,200 so everybody with drafts out there don't lose hope
Permalink Reply by ALongview on November 2, 2008 at 17:46
Our draft from Devon in Sabine County was paid last Fri. Second one from them and it was paid ten days early. They have been great to work with.
Permalink Reply by ALongview on November 3, 2008 at 5:11
Goshdarn, I hope to see some of those royalties from Devon in the future myself. One of the big differences that some of the o&g's(Devon included) have over others is that they operate from cash flow vs. leveraging everything to keep moving forward. In an economic environment like we are in it is even more important who your business partners are. Thanks
Permalink Reply by groovy grove on November 6, 2008 at 7:57
we have a draft that is supposed to be due on the 8th of december. i am not looking for it as alot of people before me signed and have not gotten theirs yet. there were 15 landowners that went in together, one of the landowners said that they were getting thier money because they had put thier draft in the bank one day before we did. the person we signed with said that we could hold our drafts and get checks in 30 days. well the person we signed with called and said that we had to go to the bank and put our drafts in because chesapeake was going broke. well we put ours in a day later. i thought that if you sighned as a group if one person got paid the whole group would get paid. how does this work? any help??????????????????? thanks!!!!!!!!!!!!!!!!!
Permalink Reply by Catfish on November 7, 2008 at 3:04
I signed 10/7 with red river 15k recieved check 11/6. Headed to bank 1st thing today. (18n 12w s13) Best of luck to all shalers!
Permalink Reply by The_Baron on November 7, 2008 at 4:39
Need any help with your wheelbarrow of cash?
Permalink Reply by Catfish on November 7, 2008 at 5:37
Well having several grandaughters and a wife that loves shopping, I needed a dump truck load. I do feel blessed and my hope is everyone gets their piece of the pie soon.
Permalink Reply by Pam on November 7, 2008 at 9:17
As I understand it, they are all separate leases. We signed the 1st week of Oct., right as the credit crunch hit. My cousins and I signed as a group (but each l/o signed a separate lease) and were to receive checks, not drafts. Some of my cousins have received theirs, some of us have not.

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