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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Permalink Reply by JHP on November 7, 2008 at 7:02
I was one of the Keithville group that was touch and go for a few days. Talk about roller coaster ride!!! We did finally get a CHECK for 20k/acre on 10-22-08 and my bank held it until 10-28-08 when it was finally mine. Thats when I decided to start breathing again. I hope everything works out for all others on this site and anyone in the Haynesville play as well.
Permalink Reply by Richard Shreve Island on November 7, 2008 at 9:37
Interesting enough, I, who have not signed, received two letters from Cheseapeke's subsidairy, Twin Cities Developement, stating the following:

"...any and all offers to enter into an oil, gas, mineral lease for your property are hereby revoked, withdrawn and rescinded and are of no force and affect..." (October 15, 2008)

Fortunately, I do not have an offer with Twin Cities. If I did, I would inquiring with thier competitors what they might offer.

Rck
Permalink Reply by SL on November 7, 2008 at 16:26
I am reading these posts every night...well several times a day! Hoping to get information. I keep reading where Cheseapeke said they were paying, they were not paying, they were paying in January, etc. I can not get ANYONE from Cheseapeke to answer my calls. I have been given absolutely no information. I signed a letter of intent. Then, I signed the lease. So, now I wait, but would love to know how everyone is getting Cheseapke to respond.
Permalink Reply by CS in TX on November 11, 2008 at 7:15
When you signed your lease, did Cheseapeake give you a draft?
Permalink Reply by SL on November 12, 2008 at 12:18
No! I went, with the impression, I would sign, and get a check. After I signed, the lawyer just sat there, and then finally said, "we will call you when your check is here." Of course I got very upset. I have it in writing that we were to get a check at the moment we signed. I was not sure what to do. With the economy the way it is, I was so afraid I would never signed, then I did. I can't get any answers though. The last thing I heard was, it will be paid. But when???? Or...will it really?
Permalink Reply by LYNNE BASCO on November 12, 2008 at 9:07
We have over 900 acres in Natchitoches Parish and we were working with a company called Tower Hill in which we retained an attorney and had them look over the agreement to lease but since then we have found out very little, this was well over 3 months ago. We do know that they have completed the title search and it came back okay but since then we cannot get anyone to tell us anything. Can anyone tell me what we can expect?

linniepen
Permalink Reply by The_Baron on November 12, 2008 at 9:13
DId you sign a lease already?

Did they make a written offer?

The lease market has dried up, if they were trying lease with the hope of flipping it they may have backed out on you.
Permalink Reply by LYNNE BASCO on November 13, 2008 at 2:30
We have been waiting on the lease and but we did have a written offer from Tower Hill that was for $4000 an acre.
Permalink Reply by HBP on November 13, 2008 at 3:22
I doubt at 4k/acre Tower Hill has anyone to flip to and make the profit margin they priced into this venture. I would be surprised if there is still a deal there now at 4k.
Permalink Reply by The_Baron on November 13, 2008 at 4:01
You probally won't hear from them. The secondary market for leases is drying up.
Permalink Reply by kittycatmama on November 13, 2008 at 9:15
RE: Keithville area (Sec. 26) near Grawood Estates. We have friends there who DID NOt receive their $20000 an ac.. that they signed a letter for intent to receive. Now they have a letter saying Chesepeake is filing to force pool all of them. How can that happen when their offer wasn't honored?
Permalink Reply by The_Baron on November 13, 2008 at 9:23
Did they sign a lease, or did they just sign a letter of intent?

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