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?
Thoughts?
Views: 421
Replies to This Discussion
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Permalink Reply by Gas Baron on -
Reply by landleaser
Chesapeake has made it clear than nobody is gonna see a dime before January.
How have they made it Clear ?
Do you have something in writing?
Do you work for Chesapeake?
You continually post the above statement but offer nothing other than your guarantee.
So Please tell me how you know.
Reply by Inez
Does anyone know what the content of a "non-disturbance" form is?
The below has been reworded to fit this instance
The non-disturbance portion assures tenants (CHK) that their rights to their premises will be preserved (“nondisturbed”) on specified conditions within their control, even if the landlord (Mineral Rights Owner / You) defaults on its loan and the lender (Mortgage Company) forecloses.
Original Quote
The non-disturbance portion assures tenants that their rights to their premises will be preserved (“nondisturbed”) on specified conditions within their control, even if the landlord defaults on its loan and the lender forecloses.
http://definitions.uslegal.com/s/subordination-non-disturbance-and-...
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Permalink Reply by david on
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Chesapeake sent emails to the Greenwood group stating that the drafts will not be honored until the first quarter of '09, so it could go beyond January!
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Permalink Reply by Eric Camp on
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But if they honor drafts in January for older high lease bonuses, this might not be a bad thing. Chesapeake has to be careful given their current PR situation with mineral owners in all their active exploration areas.
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Permalink Reply by Janny8 on
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You obviously have no idea what you are talking about. Chesapeake has sent NO emails directly to the Greenwood group of any kind. To my knowledge Chesapeake does not even have the email addresses of the members of that group.
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Permalink Reply by The_Baron on
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I would be suprised to see this kind of communication from chesapeake. I would expect somthing like this to come by us mail.
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You obviously think you know all. My mother was/is part of that group, and the lawyer representing the group did receive the emails and informed the group. However, the drafts were made good much sooner than '09. I did not state that each person in the group received an email. Pay attention before you get all bent. And you said it all with the term 'to my knowledge'. Your knowledge may be more limited than you are aware of....
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Permalink Reply by Two Dogs, Pirate on
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David, who is the Greenwood Group because that is what you called them? Janny8 is right, from all I have ever seen of O&G, CHK would not be making contact by email directly to mineral owners. Individual landmen or brokerage firms may use email but not CHK or any of the other big companies unless you are a major landowner or connected to O&G. Many times in-house landmen that work for the company putting the prospect together will make the deals with large timber companys and other corporate entities to secure a lease but by far most landowners are contacted by landmen. In subdivisions that form groups the head of the group may be contacted by the in-house landmen or Field Landman but with loose groups, who is the head Knocker?
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I am not part of the group, my mother is. I am not all in her business, so I do not have all of the particulars. There may be more than one Greenwood group. What I do know from her is that the rep of her group dealt directly with Chspk, not any broker. He was working as one of the group, not a paid rep. I also know that she was informed that the drafts would not be paid until the first quarter of '09, which turned out to be a false alarm. I didnt make my information up just to post it. It was real info, and I posted it to possibly inform anyone who might be in the same situation as my mother. I do not care if anyone else knew about it, believed it or whatever. I dont understand the nastiness of people like Janny8. I DID NOT SAY THEY CONTACTED EACH MEMBER INDIVIDUALLY! Try to understand what you read.
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Permalink Reply by Two Dogs, Pirate on
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And I am with you to a certain extent but O&G has pushed people to the edge. I don't think that janny8 was putting you down or anything like that but I think you read it that way. Just cool off David and lay back and wait for your production money to start flowing in.
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