Replies to This Discussion

Permalink Reply by Scott on August 11, 2008 at 9:23

None to my knowledge. An Oil and Gas lease is a legally binding contract and it would be very tough or nearly impossible to break it.

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Permalink Reply by Michael on August 11, 2008 at 9:23

I have not heard of anyone getting out of their lease.

I also signed a lease in March before the news broke, but I asked for advice and everyone agreed that it was a standard lease. I did not feel cheated at the time. Of course now I feel like I traded a winning lottery ticket for a happy meal.

There is a lawyer here in Shreveport that is forming a class action suit against Chesapeake for just this sort of behavior. I don't know much about it, but I will post if I hear more.

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Permalink Reply by Tim on August 11, 2008 at 9:32

Well that sucks. I guess you should actually try getting informed before you sign on a dotted line. Well just think, people are getting $20000+/acre on their bonuses. That means that your learning lesson cost $19925/acre x 75 = $1,494,375. Wow you could have gotten a couple of college educations with that kinda money. Ooops!

I guess you should blame someone for your stupidity, maybe your parents, middle school teacher, a football coach, and definitely the gas company. There is no way this could be your own fault right?

America own up to your F*** UPs!

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Permalink Reply by Michael on August 11, 2008 at 9:42

"I guess you should blame someone for your stupidity, maybe your parents, middle school teacher, a football coach, and definitely the gas company. There is no way this could be your own fault right?"

I sure wish I had the ability to see into the future like this guy... Because before the end of March no one had any idea this was coming - and those who did know were not talking. I talked to several people in the local industry before signing my lease and they all advised me to sign it.

Maybe you could hook me up with next weeks lottery numbers too.

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Permalink Reply by Rae N2 on August 11, 2008 at 9:43

I don't think it's a matter of stupidity nor necessarily being cheated by the companies. Isn't it similar to buying a house in a particular area at one point in time for a very reasonable price (whatever the market price was at that time) and having a neighbor who paid a lot more for the same house because the market had gone up? I definitely understand what you're saying about feeling like you traded a lottery ticket in for a happy meal (good analogy, by the way) but hopefully your lease will result in a fabulous well, and from what I understand, the real money is in the royalties.

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Permalink Reply by Foxiecajun on August 11, 2008 at 9:44

Hey Tim, This was not called for. Just how can it be someones fault when the O & G had not let Joe blow public know anything about it. Just thank your lucky stars they did not pay you a visit with an offer of 200 or 250. It is not like it was going for 20000 all around and they took 75 or 100 in the middle. Maybe you just showed your own stupidity.

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Permalink Reply by Tim on August 11, 2008 at 9:50

Proof read much? Oh wait with a name like cajun you must be from LA.

If I did sign that low, not likely when there is the internet (the information super-highway), I would suck it up and wait for my royalty checks.

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Permalink Reply by Carter on August 11, 2008 at 14:21

Tim, you are out of line. With your cavalier attitude, too bad someone didn't slip you for $0 and an 1/8th on a 5 and 5. Odds are, you are neither smarter nor more informed that Mr. Aaron. You are, however, LUCKIER. Still, a more probable scenario is that you either have NO minerals, or such a trivial amount, that you were NOT WORTH LEASING back in March.

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Permalink Reply by Tim on August 11, 2008 at 14:40

I'm sorry but the first thing I thought when I received letter and contracts from the gas companies was SCAM. Then I did research and homework as anyone should do on investments.

Information was out there sometimes you have to put some effort into it. It does not always knock at your door like the landmen do.

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Permalink Reply by boo on August 11, 2008 at 9:48

Tim, I to signed a lease 2 years ago for $100 acre. Back then if i would have went to a lawyer about the $ I would have got laughed at. Matter of fact I forgot I even signed the lease until all this about the Haynesville Shale. NO I AM NOT STUPID but you seem that way. You must not have any land to lease........

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Permalink Reply by Tim on August 11, 2008 at 14:54

No, my problem is with any person that can not live up to the decision that they made on there on their own free will. NO ONE TWISTED ANYONE'S ARM!

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Permalink Reply by Grillin' - MmmMmm on August 12, 2008 at 3:20

While Tim didn't quite say it the right way, I also took offense by the original poster's use of the term "the oil company SCREWED us". No, the oil company didn't screw you, the out negotiated you. Big difference. Our job is to get that lease for as little money as possible. Feel lucky you got $100/acre. I would have started with an offer for $50 and a 15% royalty to see if I could get you to bite. Then, depending on your counter offer and the word on the streets about my competitors, we could have worked our way to maybe $200 and 20% or maybe 22%.

You were not screwed. Just out negotiated. Yes, you maybe didn't have all the information, but that's like playing cards. You never know what the other guy has in his hand!!

Be happy you will be getting those big royalty checks!!

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