Group Leaders Beware JPD Energy / CHK New Group Splitting Tactic they are using in Greenwood
Oct 4th 2008 -- After months of negotiations, the Greenwood Hills Group (over 350 landowners) signed with JPD Energy on behalf of CHK. We were given a 25 day Draft and a Pat on the back.
Oct 10th 2008 -- After reading on this board about CHK $ problems (Not paying until Jan) I called and talked to Pedro @ JPD. He told me the Drafts would be paid on time and everything was moving forward as expected.
I posted it here
Oct 20th 2008 -- I received a phone call from Pedro @ JPD Energy telling me that the landowners without Mortgages would be paid with the Drafts. Anyone with a Mortgagee would be required to have their Lender complete a non-disturbance form and mail it to JPD Energy . The Bank Draft would be paid if the non-disturbance form was received before the draft expired. If the non-disturbance form was received after the Draft expired the Landowner would be paid by check.
I asked Pedro about contatcting the other members of the Greenwood Hills Group explaigning this.
He stated that he was going to call everyone that he had a phone # for which I thought was strange (over 350 members)
Nov 5th 2008 -- (3 Business days before the Drafts come due) I received the non-disturbance form and a copy of my Signature page from JPD Energy in the mail. The letter was dated Nov. 4th
Along with the forms was a letter from JPD Energy stating
"The first set of drafts is scheduled to be funded Nov. 10, according to our bank. If we do not receive the completed forms from your lender, the draft will lapse, you will not be paid and your signature page(s) and W-9 form(s) will be returned to you"
Even though JPD Energy told me on Oct 20th that the forms would be required they took 17 days - 12 Business days to mail me the required forms
I have contacted my Lender (Chase Home Mortgage) and they have their own non-disturbance form that they require JPD Energy to fill out along with a few other things and $300
The $300 is a part of doing business but I cannot get the forms filled out and submitted in the 3 Business days that JPD Energy has allowed me. This is an Impossible Task in 3 days
Therefore according to the letter I will not get paid for my lease
I probably could have gotten it done if JPD Energy would have mailed me the forms within a reasonable amount of time. That and not told me that I would get paid by Check if the Draft expired
(Note: Faxed or Emailed forms are not accepted only Originals)
I feel that JPD Energy/CHK is using this Tactic to split up the Greenwood Hills group into 2 parts.
They will signup and pay the None Mortgaged and reject the Mortgaged landowners.
By doing this they will have successfully split our group into 2 groups and may have enough of our section signed up to Force Pool the Mortgaged Landowners.
I think JPD/CHK will then offer the Mortgaged Landowners a ridiculously low singing bonus or Force Pooling therefore Screwing us
I hear they have done that in Keithville after dropping their leases
I know that the Southern Hills group has not signed but have already been sent (well in advance) a Letter from JPD Energy explaining they will be required to complete a non-disturbance form
I also know that they are going to sign for Thousands less that the Greenwood Hills Group signed for..
I find it hard to beleive that JPD/CHK has leased Thousands of Mortgaged Landowners in the Past and has never asked for a non-disturbance form but now they are requiring one from the Greenwood Hills Group at the last minute (An Impossible Task)
Something Smells Funny
Bottom line is Beware of the New Group Splitting Tactic of JPD Energy/CHK
Oct 10th 2008 -- After reading on this board about CHK $ problems (Not paying until Jan) I called and talked to Pedro @ JPD. He told me the Drafts would be paid on time and everything was moving forward as expected.
I posted it here
Oct 20th 2008 -- I received a phone call from Pedro @ JPD Energy telling me that the landowners without Mortgages would be paid with the Drafts. Anyone with a Mortgagee would be required to have their Lender complete a non-disturbance form and mail it to JPD Energy . The Bank Draft would be paid if the non-disturbance form was received before the draft expired. If the non-disturbance form was received after the Draft expired the Landowner would be paid by check.
I asked Pedro about contatcting the other members of the Greenwood Hills Group explaigning this.
He stated that he was going to call everyone that he had a phone # for which I thought was strange (over 350 members)
Nov 5th 2008 -- (3 Business days before the Drafts come due) I received the non-disturbance form and a copy of my Signature page from JPD Energy in the mail. The letter was dated Nov. 4th
Along with the forms was a letter from JPD Energy stating
"The first set of drafts is scheduled to be funded Nov. 10, according to our bank. If we do not receive the completed forms from your lender, the draft will lapse, you will not be paid and your signature page(s) and W-9 form(s) will be returned to you"
Even though JPD Energy told me on Oct 20th that the forms would be required they took 17 days - 12 Business days to mail me the required forms
I have contacted my Lender (Chase Home Mortgage) and they have their own non-disturbance form that they require JPD Energy to fill out along with a few other things and $300
The $300 is a part of doing business but I cannot get the forms filled out and submitted in the 3 Business days that JPD Energy has allowed me. This is an Impossible Task in 3 days
Therefore according to the letter I will not get paid for my lease
I probably could have gotten it done if JPD Energy would have mailed me the forms within a reasonable amount of time. That and not told me that I would get paid by Check if the Draft expired
(Note: Faxed or Emailed forms are not accepted only Originals)
I feel that JPD Energy/CHK is using this Tactic to split up the Greenwood Hills group into 2 parts.
They will signup and pay the None Mortgaged and reject the Mortgaged landowners.
By doing this they will have successfully split our group into 2 groups and may have enough of our section signed up to Force Pool the Mortgaged Landowners.
I think JPD/CHK will then offer the Mortgaged Landowners a ridiculously low singing bonus or Force Pooling therefore Screwing us
I hear they have done that in Keithville after dropping their leases
I know that the Southern Hills group has not signed but have already been sent (well in advance) a Letter from JPD Energy explaining they will be required to complete a non-disturbance form
I also know that they are going to sign for Thousands less that the Greenwood Hills Group signed for..
I find it hard to beleive that JPD/CHK has leased Thousands of Mortgaged Landowners in the Past and has never asked for a non-disturbance form but now they are requiring one from the Greenwood Hills Group at the last minute (An Impossible Task)
Something Smells Funny
Bottom line is Beware of the New Group Splitting Tactic of JPD Energy/CHK
Views: 356
Replies to This Discussion
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Permalink Reply by Gas Baron on
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Yes,
I have Chase Home Finance (5 1/4 % @ 20 year Loan) 1/2 way paid off
To get this done Chase has mailed me their own nondisturbance form. They would not accept JPD's
My requirements are
1. $300 nonrefunadable payment to Chase
2. A copy of the Oil & Gas Lease signed by the Borrowers
3. A survey of the mortgaged property and a description as to where the drilling sight is located in association to the borrower's property and the location of the improvement on the property
4. Completion of Chase's Nondisturbance Agreement (Chase will not accept any modifications to this form)
JPD Energy thinks I can get this done in 3 Business Days?
I have continually called Chase and left messages about #3
as I have not got a clue as to that requirement
Guess I need to have my Land surveyed and get CHK to tell me where they plan on putting the drilling rig
I like to think that I am a Go Getter but come on now in 3 Business days?
Actually 2 now
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Permalink Reply by Rachel A. Hassell on
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and that again...just sounds crazy!! I don't think anyone has a problem with paying fees, however, who knows when and if they will drill. I will say over here on my side (dogwood south, haughton) the pad is being set up now. We signed back in July---and got paid! I can get you a survey done today if you like---another 450 bucks to you---FYI--15 yr fixed term 5% flat---but I think you would then get "hung" on the where the drilling site is going to be. Bless your heart, I'm just so sorry this is going on. We have commited ourselves (my asst and I) to helping as many as we could and getting these forms in JPD's hands no later than Monday. I was told that there were 4 landowners whose drafts were expiring today...the rest...a pay date of Wednesday--but we shall see. If there is any anything i can do to help...please email me--its hooked to me surgically-LOL!! rachelhassell@yahoo.com
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do you by chance have a copy of the Chase form? there were a couple of landowners, including district 4 councilman, that drove down to monroe today to visit with a banker in a monroe branch of chase. The 300 dollar fee was told to them, nothing of this other. If i get confirmation that they recieved their forms, in hand today, would you like for me to get you the information to this lady that did them? heres the thing..i worked at the bank for a long long time before i opened up my own mortgage company--and this would have been something i would have done---locally--from the branch. Its alot of "not understanding" that prompts for bankers to call in to get this "process" of steps and info...if there is someone that is doing them and will put them in your hand...i think it would be well worth a trip to monroe? i can probably have this info to you within minutes...and this banker would be there til at least 5 today--same thing...these clients had issues trying to get anyone to return their calls--banker told them she leaves at 3 most everyday--except fridays---wow! i thought "bankers" hours were long gone!! would that be something you would consider? I have a call out to councilman now, if you can get on the road, i can let you know the physical address and the name of the lady who did them. I just want to get confirmation that when they got there--there were no "issues" to arise. thx
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gas baron, will you please contact my assistant, meredith ashworth, at 762-9390...she has updated information from chase and you can have this signed off on today!! she has everything...just got updated info from the people who went to monroe today.
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Permalink Reply by Bear Dog on
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We have the 34 acres in 17n 15w s30 and we didnt even get in on the deal! Maybe next time around.
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oh wow....bless your heart! im out in haughton..dogwood south and we did ours months ago...now...it wasn't for as much--however--it was paid via check!
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yes...waterwood estates...waterwood, pine oak, beebe, that area.....
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The leases did have a no drill clause. This form that JPD did--was done in house. This non disturbance form is usually an "all in one"...a subordination, and nondisturbance. However, this was never requested by anyones mortgage company. Its kinda one of those things...you can sign a lease all day long--your current mtg company doesn't care--they don't know!! this is a far stretch, but quite possibly--lets say you refinanced or did a new 2nd mortgage and the new lender wanted this due to the lease being dated prior to their mortgage--again...far stretch (been in the business forever--own my own mortgage company) but if that was the case--this is when this would be needed. They first sent out the form that had blanks to fill in the book and page number of where the lease was filed--come to find out--leases have NOT been filed. So when i said something...the form was changed. They said to "tell" your mortgage lender there was a no drill lease...but that verbage was not stated on the non disturbance form. The blank copy of the lease and exhibits were emailed out at that time. There were no changes and this of course would accompany the form to be filled out. A subordination is a very lengthy process and can take quite a bit of time. One post nailed it when they said...why did they not tell us upfront? Makes too much sense--lets just say that 85% of people have mortgages, it would definitely be something told on the front end. This was something that was brought up in a time period that was unachievable.
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Permalink Reply by Gas Baron on
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Reply by Rachel A. Hassell
do you by chance have a copy of the Chase form?
I faxed the forms that JPD Energy sent me to
Chase Legal Dept in Monroe, LA
(318)550-3342
(After several calls getting Voice Mail) I finally talked to Debbie Rinkle @ (318)699-4544
She informed me that I had been assigned to Lisa Ferrington
Later that day Lisa Ferrington returned my call and faxed over the requirment letter and Chase's non disturbance form
She stated that the Faxed forms could not be used. They where only for informational purposes.
She then mailed my the original forms that I received late yesterday 11/06/2008
Below are the requirments
1. $300 nonrefunadable payment to Chase
2. A copy of the Oil & Gas Lease signed by the Borrowers
3. A survey of the mortgaged property and a description as to where the drilling sight is located in association to the borrower's property and the location of the improvement on the property
4. Completion of Chase's Nondisturbance Agreement (Chase will not accept any modifications to this form) and will only accept the Original
I am not around a Fax or scanner to send them to you even if I was the Chase forms are not valid unless they are the originals
Basically I need to fullfill the top 3 steps then take the Chase form to JPD have them complete it and sign then mail the original signed by JPD form to Chase to be completed and signed.
JPD told me they need the signed / Notorized original not a fax but Chase also wants the Original so go figure.
What to do? What to do?
My head is spinning I need more time!!!
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it was for reference/informational purposes only. when you do have access to a fax machine or scanner, could you send me a copy? would you be open to carrying the revised JPD--the one that was sent i believe on the 2nd--only change was the filing information blanks for the lease coming off--since not filed, that was changed/removed and just left with the date of the lease (oct 4th) short notice..so would probably be impossible for you to get on the road now to head to monroe...but would you be open and available to go and be in monroe at 8a.m on monday, get your form done, pay your 300 bucks and drive back in to jpd and deliver this monday morning? i sure dont' mind helping out...awaiting a call back from my others now to confirm they did get this. if someone is willing to make an "exception" or is just doing this because she doesn't know or care about the policy in place--why not take advantage of it? even if its just you that we can get this help for--its one more person that will get their money!! so nice to chat with you today too!
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cap 1 has had no problems. Its all in whose dealing with it. This being a "form" of a subordination it goes thru those channels..and that is where fees and requirements come into play. You could take that form to a cap 1 branch on airline drive (for example) and be told they don't know what to do with it. Its all about who you are dealing with. Thus far, cap 1 has been favorable. This takes care of most people who have a line of credit, or a small equity loan set up...most people who have more traditional mortgages funded thru fannie mae, freddie mac, and FHA/HUD, these are all of the larger companies...the chase home finance, wells fargo, etc. Alot of people wishing their mortgage was somewhere else. It all just varies from place to place, and you will get different answers from just about everyone you talk to. Im so pleased to hear that you did not have any issues with this! congrats! Please keep updates going so we know how this next week pans out for you. Thanks so much!!
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