Nancy Mosley said:
Thanks for that reminder, DT. Very true.
Thanks DT; Its always good to remember what Memorial Day is really about!!
DT said:
That sounds like good news. Keep us informed on any info that would help our site. I am curious to know how they are keeping that lease going. They have to be paying or have paid some monies out somewhere or they never filed proper paperwork. As you get more involved you will notice that the oil/gas dealings remind you of trying to deal with a "car salesman" LOL Everyone have a great Memorial Day and remember those folks who served and are serving now, for the rights we have in the USA. We sometimes take for granted those freedoms we have while we go through the challenges of everyday life. Don't forget the folks in Moore Ok. in your prayers also. Amen
Ok Nancy! I'll keep you guys posted! BTW do you and DT have current leases?? If so with which companies and if I may ask how has your experience been?
Charles B Towles said:
Nancy Mosley said:Thanks for that reminder, DT. Very true.
Charles, We (sister and I) inherited several leases, with Energy Corporation (big company, mostly ok), Viking (now owned by Triad Hunter - Viking was good, waiting to see on Triad), EQT - a flat rate well, Consol /CNX -some sloppy landwork in the past we had to clear up; and a few smaller ones that are mixed. We have been approached by EQT to lease another property but haven't heard from them lately. A lot of problem clauses in the lease.
We have one from an older lease that is more of a "token lease" which was back when companies were paying pennies on the dollar for a lease. We have 3 tracks that Antero has been trying to lease. Some of the greedy heirs have signed on and half have not. We are not going to sign a lease that is not friendly to us. The plain Jane lease the oil/gas companies throw at you is all about them. Make sure you get clauses added and deleted in the lease or you won't be happy down the road. If you read some of the past posts you will get a sense of what it is like to deal with the land agents. They will be your buddy and then lie to you just to get that signature. Leasing is a process and you are dealing with your below ground real estate. Take it slow and ask around here before you sign. Agents try to get your signature right then, right now or they say the deals off. They will say you are the only one who is holding them up from drilling. Start asking them to put all that in writing and watch them back peddle. It is kind of difficult for some to be frank with an agent. They are sitting there and saying sign here and we will send your bonus check to you for XX thousand dollars. Most folks don't even know what they are about to sign. They never even knew a month ago they had any mineral right property. Aunt Sue was probably paying the taxes and they never told you. HUH!! Kyle N. can give you good input on what type of language you need in and out.
I echo what DT said. And I am lucky to have only 1 relative to have to make decisions with.
Nancy, I didn't know Seneca Technologies provided that service. That's well worth the $3. I used them sometimes when I was working as a landman just to get good quality tax maps. This is really good information.
DT, car salesmen. No kidding. It's so true. I tried real hard not to be "that guy" when I was a landman.
Kyle Nuttall said:
DT, car salesmen. No kidding. It's so true. I tried real hard not to be "that guy" when I was a landman.
Kyle, that was just a hobby until you got through college. LOL
Actually, I did it on the advice of my oil and gas professor and another attorney who was practicing oil and gas law for mineral and surface owners. It was really good advice.
After doing some additional research I did find that there is a producing well on the property and my wife is getting small royalty payments. We obtained a cpy of the lease and in 2007 it was assigned to Seneca-Upshur
operating as Keyspan. The bill of sale had a list of all the wells that transferred and we found the well number and Farm Name that matched our 218 acres. Seneca-Upshur is now a wholly owned subsidiary of PDC, Petroleum development Corp. In Sept 2012 PDC assigned their Marcellus shale interest to Antero Resources
who appears to be active in Tyler and Dodderge Cty's. Does anyone know what their drilling plans are??
Well Charles, I figured someone was getting a check for royalty. You folks are locked into that lease by production and unless they include the mineral property in a drilling pool you may only receive a small check from now to ??? Back when that lease was signed, the oil companies were paying very little in bonus and mostly minimum percent on royalty. Let's hope it is in the middle of "Black Gold Hollow" and they use it. We have a tract leased like that and get a little check once a year.
Ok DT; Hopefully they'll do some fracking under our tract. We havn't heard or seen anything from Antero Resources as yet.
DT said:
Well Charles, I figured someone was getting a check for royalty. You folks are locked into that lease by production and unless they include the mineral property in a drilling pool you may only receive a small check from now to ??? Back when that lease was signed, the oil companies were paying very little in bonus and mostly minimum percent on royalty. Let's hope it is in the middle of "Black Gold Hollow" and they use it. We have a tract leased like that and get a little check once a year.