can you terminate lease contract if you dont recieve signing bonus

we signed with wishgard for 1840 per acre with 15.5 royalty and in the lease it states they must pay us the signing bonus in 90 business days.  90 business days was up on Nov. 7th and we did not recieve any payment or letter stating we do not own mineral rights.  I have heard of bigger and better signing bonuses and would like out of this lease contract since they did not pay us in the 90 days.  What steps should i take?  What companies are actually paying their agreement.  I know wishgard has paid some people their 1840 per acre in belmont county.  has anybody recieved a larger amount.  i may just wait it out because its hard to tell if i sign another lease if they would pay or not.  anyone have any good ideas? 

Views: 4141

Replies to This Discussion

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on December 9, 2011 at 11:42pm

Thanks for the update. The mortgage subordination sounds like bullshit to me. I smell a rat.

Permalink Reply by deron on December 18, 2011 at 3:09pm

they called me friday and said they were sending someone to courthouse to release me from lease!!!  i havnt seen any documentatin yet tho.  anyone know if belmont county has a website to check.  i seen where some people have seen their leases or info online at the recorders office but i cant find anything on belmontcountycourt.org

Permalink Reply by Philip Brutz on December 18, 2011 at 7:29pm
Permalink Reply by deron on December 18, 2011 at 9:49pm

thanks I checked that website out.  it showed that wishgard sold the lease to tri star energy, and it said they would be getting a positive difference of 16 percent royalty from the 15.5 i signed for.   i may have misunderstood the wording but Does this mean landowners should be trying to get 30 percent royalty.

Permalink Reply by Finnbear on December 18, 2011 at 11:35pm

No, it means that Wishgard kept 1/2% interest in any well drilled under that lease. You get 15.5% + they get .5%, so the two total 16%. If a well was drilled under that lease, you become a lifetime business partner with Wishgard on the well's production.

NEVER give up a part of your royalty to a middleman.

Permalink Reply by James Kerns on December 19, 2011 at 2:06pm

Hi Finnbear, Deron, others, I know how this may sound but, it just go's to show the old adage about horses and water is true. About 39-40 days ago Deron started this thread. Newbies- we all are newbies at some point. Good free advise was get an attorney. I know four- with different areas of civil law specialty. They charge $150-$225 an hour. A free consult and an hour to draft your letter, you could have sent it out certified yourself and saved money. Problem solved.

Then you could have made a better deal for more money and a better lease. Looks like your gettin in bed for a long time with someone who may leave alot to be desired.

There are many others out there not willing to spend the time to do their own home work and not willing to take the time to figure out the real good neighbors on here from the manipulators also found on this site.

If you have to trust someone you must figure out the differance from the real deal giving of their time to try to help you from a sense of fair play and those who will feed you false info and profit from your mistakes.

Get up to speed quickly or become bait. Sorry to be so harsh. Many of us have already figured things out and just visit this site from time to time to try and help out.

Permalink Reply by James Kerns on December 19, 2011 at 2:30pm

Gosh i re-read that and i sound like an ass, sorry. Finnbear seems to be one of those people you should pay attention to when they speak. their are others on here of the same cloth. Figure it out. We all have a life outside of this oil and gas rights, and a possible lease, deal. We must put the time in no matter how much else we have on our plate, and patience is truly a virtue.

I was asked by my wife and a few of her friends, at a christmas party for my wifes workplace last week, to help this one couple out who were considering a deal they had on the table from a company. The deal according to them was some cash now and the oil and gas deal was done. I said to them," so you mean a paid up lease, cash now and royalty later when a well is drilled", no they said just cash now. Well that sounds like a sale of mineral, oil and gas rights here in ohio. I tried to talk to them about the difference between a sale and a paid up lease, and a little about the lease process and pitfalls. "We don't care about all that" was the reply, "we just want the cash". What can you do? We all want the cash, so i said "How long do you plan to live on that piece of land", blank stares was the reply. I tried to recomend this site as an educational tool. "OHH, we dont have time for all that".

You want to call me a preacher, fine.

A cult member, Fine.

One who bloviates because they like to hear their own voice, wrong.

Get educated, form your own opinions, make your own decisions, get an attorney you can trust- to read and advise you before you sign anything. Good luck to everyone. I truly mean that. Happy Holidays.

 

Permalink Reply by Philip Brutz on December 19, 2011 at 2:58pm

James don't beat yourself up to much.  We were all trying to help him.  Both you and Finnbear are worth paying attention to.

Back in 1988 when I bought my land, the first thing that I asked was if the mineral rights were included.  The owner said yes.  I trusted him, but I still payed several hundred dollars to have my lawyer drive from Barnesville to the Cambridge court house to check.  It turned out that there was an old gas lease that had never been canceled. It was a simple oversight that was easily taken care of.  Every time I talk to my lawyer now, I thank him!  Land back then was only worth $300 an acre but it still made good sense to have lawyer check it out.

Permalink Reply by deron on December 19, 2011 at 2:55pm

Ive been released.    The recorders office showed that i had a lease with wishgard and a ASGN lease with tri star energy whom wishgard sold the lease to.  It now shows that wishgard released me but it doesnt say anything about the ASGN lease.  Im guessing that the ASGN lease would have to be void also since im no longer with wishgard. 

09bp5t05myjl3Permalink Reply by 09bp5t05myjl3 on December 19, 2011 at 4:51pm

Deron don't  believe you are correct, the lease from wishgard was assigned to Tristar, Just like a Mortage assignment Tristar holds the lease once assigned to them and only they can properly release the lien/lease, IMO you will have a cloud on your title!

Permalink Reply by Finnbear on December 19, 2011 at 11:36pm

To ensure that your title is clear for future leasing opportunities you should get a release of lease on both the original lease and the assigned  (ASGN) lease. This would be a release from Wishgard and another from Tri Star.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on December 23, 2011 at 8:52am
Request a release from Tri Star immediately. They might have paid Wishgard for your lease already. If so expect a protracted legal battle.

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service