Well, I've emailed the AP dept. twice and have not received any response, but I'll call tomorrow and see if that is any more productive. Thanks.
I always include a cover letter that states that the lease is to be held in escrow pending payment of the bonus and if bonus has not been delivered to me by a specific date that the lease is null and void and is to be returned to me without recording. that seems to generally get it paid timely.
Great idea, Mr. Archer. I will remember that next time.
Has anyone received a check from Parsley yet?
Not yet and no additional information as to when to expect one.
May I ask what was the name of the person you worked with at Lumberjack?
His name is Ryan McDonald and his phone number is 479-965-5431. He appears to know nothing and we have called and emailed Parsley and they have been totally non-responsive.
I asked because both my brother & I ended up feeling uncomfortable about the guy we worked with, but it was not the same guy you worked with.
At least it's good to know we're not the only ones feeling uncomfortable.
If you want to check whether your lease has been filed in Pecos County, do you contact the county clerk or district clerk?
We have finally heard from Parsley Energy that our bonus payment is on its way. However, the way our lease was written, we would be paid for our gross acres. Nowhere in the lease is the net acreage mentioned. Now Parsley is saying we will only be compensated for the net mineral acres, even though that is not the agreement that we signed. Has anyone else encountered this problem and do we have any recourse?
Michelle, industry practice is to only pay bonus on what you own (net) not all (gross). The oil company would certainly go broke if their were 100 owners each being paid on 100%. While i dont generally agree with what is told to me by the oil company, this response to you as to only paying on net seems correct. Likewise your royalty will be based on net to total.
Doug
I'm glad that it worked out. I had faith in Parsley as they are not a fly by night company. They are large enough that they are capable of reliably paying, and at the same time small enough that your concern is heard.
Thanks for your comments, Doug. All of our other leases have been structured such that the net mineral acres are stipulated and clearly defined. This lease was not drawn up in that manner. In fact, nowhere are the net mineral acres mentioned. And when we were in negotiations with Lumberjack, we actually asked their representative, "So we can expect a check for X dollars?" referring to the amount for the gross acreage and he confirmed that. Now Parsley has come back and said they are paying for net acres and we have no document and no agreement with either of these two companies that states that anywhere.
Michelle, my lease form states the net acres and now has been amended to state that if it is determined that I own more, they will immediately pay me the bonus, development penalty etc on the incremental acres. this became important recently when I was told I had 83 net acres on a 2000 acre tract and upon renewal I was told I had 98 net acres.
good luck
Thanks, Doug. I appreciate the info.
Has anyone actually received their check from Parsley? “The check is in the mail” doesn’t pay anyone’s bills!
No, Stephanie, not yet. We've been told it's been sent, then after that we were told a supervisor was picking them up, then we've been told again that they were being sent out today - still nothing. And when we asked if it could be overnighted, the Lumberjack rep again said he would have to go back and check with Parsley. I don't feel very good about this.
Please keep on top of them. Parsley is one of those companies who does endless press releases, probably to try to keep their stock price up. Depending on the language in your lease, you can try and send a letter withdrawing the offer if they don’t pay you within a reasonable amount of time.
Our contact with Lumberjack finally responded to my inquiries yesterday - when I said that we would ask for the lease to be returned if we had not been paid by the end of this week. He said they had received the checks from Parsley & would put them in the mail to us today. Asked for confirmation of that today & have yet to hear back. Will definitely post if/when we actually receive. Has anyone else gotten theirs?