im in the same boat. Wishgard did not pay in their 90 business day timeline. Im not sure if I should wait it out or try to sign with another company for more money. They were suppose to pay by Nov. 7th. alot of people are signing leases and very few getting paid. I would also like to know what to do
Hi Mirabelle, Just happened to read your request for some help. Sounds like you need someone to look at your lease. I do not know for sure if D. Clark can handle it for you but he is very helpful here at gomarcellus. You might give him a call. Here is a recent discussion that he started and if you click on his profile page, his telephone number is there.
I believe that KWGD is still accepting for a little while longer if the acreage meets the criteria that Gulfport has set.
Following up on your lease payment- Have you received anything yet? I have not -
The portion of the lease that is recorded is the memorandum. On the memorandum, it says "For and in consideration of ONE Dollar($1.00) cash in hand paid, and other good and valuable consideration". This is a formality since that portion of the lease is a matter of public record, it is common practice to write things up in this way so that every person that is looking for a hand out does not have knowledge of how much money someone just recieved. It is very common anytime a large sum of money is transferred for example house purchased, land purchases or in this case, gas and oil leases.
The dollar check is just a formality so that the terms of the lease are followed. You will recieve the money that was offered if/when your property clears chain of title.
You should be able to go to your County Recorder's office - or if your recorder has a good website - and see exactly if your lease has been recorded and to whom it is assigned.
Most leases have a clause that puts the responsibility on you to provide notice of any default. Then the company has 30-90 days to cure the deafualt. I have run into this with several of my clients in Mercer County.