I am seeing a lot of people with not so good experiences lately, so I wanted to at least convey our recent good experience. We signed about 50 acres in Butler in December, 2011 with Shell (SWEPI). We hired a lawyer to work with us to get the addendums we wanted. Our lease said that the money would be paid 90 banking days from when the promissory note was given to the bank. We realized after we left the signing meeting that we did not get the actual note from the land man at the time of signing...so we got it from him a few weeks later when he was back in town. We filed it with the bank the day after we got it. If we had filed it with the bank the day of signing, our 90 banking days would have been about April 24th or so. As it was since we did not file it until several weeks later, our 90 banking days were in mid-may. We called them a number of times to check on the status, and we were told that May 23 was the day. On May 23, we called and were told we were on the list, but it usually took 5-10 days for it to appear in the bank from that date. We received a signed copy of the lease agreement on May 24th in the mail. We knew nothing would probably happen over the holiday weekend, so we checked the status yesterday, and again we were told it was imminent. And sure enough, that night our account balance went up dramatically. So we are very happy today.
The wait did seem like an eternity, but it really was consistent with what they told us from the beginning....and part of the delay was the filing of the bank draft, which was not really anyone's fault...just excitement about signing and trying to leave in time to get the kids to soccer!
We don't know if they will ever drill in our area. We are just happy that we have a windfall that will take some pressure off of us. We have had a lot of medical bills lately and are also trying to save for college....so this is a blessing to us.
Just wanted to share a postive story! Hope others have these types of stories as well!
What part of Butler/twp? Just curious as I know some who have signed and are to be paid the beginning of June also from Butler.
We are Butler Twp but there are not many in Butler Twp signed with Shell. Rex was signing a lot in Butler Twp.
It was a bank draft, which was then paid by direct deposit. Yes, we waited 6 months for payment. But without the lease agreement we still would have waited 6 months....just not have gotten a big payment at the end of that time period. Believe me, I have waited a lot longer for payment from clients than I have for this payment from Shell! LOL! But everyone is entitled to their opinion. I just am happy about our current situation....we knew there was a waiting period when we signed and that was fine with us, especially when we knew the size of the payment.
So what number did you call? Thank you!!
I think my husband said there was a number to call on the bank draft.
Ok thank you!!
You are welcome. He actually just told me the number was on the cover letter that came with the bank draft. They were very accurate with the information they gave us.
Thank you!!! :-)
Thank you so much for your story Happy! I was starting to get kind of lonely in being happy over the gas lease. We had similar experience with chk-actually got paid faster than they said. There is no better feeling than having bills marked paid and being able to have a savings account that actually has something in it. Congratulations to you and yours.
Thank you! Congratulations to you too! I figured I waited 9 months for each of my babies, I could wait 6 months for money to help put them through college! :-) And if they do end up drilling, it will be more financial security for my family.