Recently received a lease offer from a company I can find nothing about online and wondered if anyone else in Blaine county has gotten a similar offer and/or knows of this company? They are listed in OKC and the person who contacted me identified himself as a landman representing Cold Snap Oil & Gas. I asked him specifically if Cold Snap is the company interested in drilling or if they are a go between us and the interested party. He confirmed that Cold Snap was interested in drilling. I'm also wondering if anyone could give me a lead on a good attorney familiar with the area that could do a lease review for me as I can't make heads or tales out of the offer other than what sounds pretty typical; 3 yr with extension possible of 2 years. $500/acre bonus on initial 2 year contract and $625/acre if extended..and 3/16th royalty. Any info others have would be appreciated. I'm really puzzled why I can find nothing on this company, not even in yellow pages..
Thank you!
Lesley
You do not want the two year extension or some of the other terms that are probably on the boilerplate lease you received from them (and you probably do not need an attorney at this point.)
I would not do business with a company that cannot be found in cyberspace in this day and age. They may be legitimate, but they may not. Hold off until you can find out more about them. When they were incorporated, who their principals are, what their capital strength is, what their experience is, etc.
If you want to friend me, I can walk you through the lease terms and then you can decide it you need an attorney later. This is only the beginning stage of negotiations which can take a year or more, so don't sweat the time line.
Cold snap is a good company. They are not a lease flipper like the group Phroso that has been leasing around Cold Snap. Ask them a few more questions next time they call about a lease. They were very forth coming and honest if you ask the right things.
Lesley, would you have the contact info for Cold Snap land person?
Thanks,