New member - just got an offer from Chesapeake to lease our land

We just got an offer on our 5 acre lot in Logansport for $3500 per acre and 25% royalty. From what I am reading, this seems like a good price to take. Do you all agree? Also, what chance is there that they will drill? Do you all know how frequently good comes out of a lease when a landowner is approached and signs? Thanks.

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landownerPermalink Reply by Bonnie Bober on February 10, 2009 at 9:15
It is a good deal. You make the real money with your royalties. Make sure on the lease you have an agreement saying you want ( Favorite Nation Clause) what that means is if someone in your area gets more money for there lease then you. The leaser has to give you the same value per acre. If I was you I would sign and wait for them to drill. Before you sign make sure you take it to a oil and gas lawyer to over look the lease agreement. hope this help you

landownerPermalink Reply by intrepid on February 10, 2009 at 9:21
You've got that in yours? Right?

landownerPermalink Reply by Cathaus on February 10, 2009 at 9:58
I believe in a favorite nation clause about as much as I believe in Santa Claus! I have never heard of anyone getting a favorite nation clause. What about you guys?

landownerPermalink Reply by Dorcheated A1 on February 10, 2009 at 10:00
No Mam,

It ain't happening .

landownerPermalink Reply by Checkmateking on February 10, 2009 at 9:15
I would take it at this point, very fair. Come back at em with 27% royalty, they should go for that.

landownerPermalink Reply by intrepid on February 10, 2009 at 9:22
And you got 27% too, right?

landownerPermalink Reply by intrepid on February 10, 2009 at 9:21
Can anyone on here confirm for a fact that they have a 'favored nations clause' in their lease? If so, has it ever been paid up? Same thing with 27%?

landownerPermalink Reply by Cathaus on February 10, 2009 at 10:00
Intrepid,
I think we are as likely to get a favorite nations clause about as much as we are likely to get 27%!!!

landownerPermalink Reply by intrepid on February 10, 2009 at 10:18
Does it kinda rub you a little the wrong way when someone asks for information on leasing 5 ac and they get a response about a favored nations clause? Does me.

landownerPermalink Reply by Cathaus on February 10, 2009 at 10:25
Rubs me raw!
Permalink Reply by laintexas on February 10, 2009 at 11:17
Not sure about 27% these days, but EXCO was offering that as one of their options back in August, 2008. They had options for 25%, 26%, and 27%, each with slightly different bonus per acre amounts. I took the lower bonus amount and the 27%.

Oil & Gas ProPermalink Reply by The_Baron on February 10, 2009 at 11:44
The whole world has changed since august.

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