Signing bonus

For those of you that received or are expecting signing bonuses, did the company you leased with send you a letter telling you when to expect payment or did it just show up?

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Permalink Reply by Philip Brutz on November 26, 2013 at 12:04pm

My check from Gulfport just showed up via FedEx.

Permalink Reply by martin on November 26, 2013 at 12:07pm
Nothing before hand? Seems weird they wouldn't communicate with a letter saying thanks for leasing with gulf port...ect... Oh well as long as you got paid who cares right? Lol
Permalink Reply by Trapper on November 26, 2013 at 1:08pm
You will find that communicating with you is extremely low on their priority list!
Permalink Reply by martin on November 26, 2013 at 1:26pm
How many days did it take you to get paid after signing?
Permalink Reply by Philip Brutz on November 26, 2013 at 2:19pm

I think that it was about 80 business days but it took longer for some of the other members of our landowners group.  They had 120 business days to pay.

Permalink Reply by martin on November 26, 2013 at 2:37pm
Our attorney said 120 straight days not business days, we will see I guess.
Permalink Reply by mark alters on November 26, 2013 at 1:42pm

What is the signing bonus? I have not heard of that?

Permalink Reply by Philip Brutz on November 26, 2013 at 2:46pm

Mark,

Bonus: A cash fee paid to the lessee (person or company who grants the exploration company the right to drill on their land) of petroleum rights at the beginning of exploration (bonus for signing over the land).

From:http://blog.sherware.com/index.php/2011/06/20/oil-gas-basics-vocabu...

Permalink Reply by mark alters on November 26, 2013 at 4:25pm

Ok I see I got that already 5 years back it was only $500 per acre...

Permalink Reply by Philip Brutz on November 26, 2013 at 4:45pm

Depending on your location, $500 an acre was a decent bonus 5 years ago.  Many of my neighbors signed for $5 to $50 an acre 5 years ago.

Permalink Reply by James Foster on November 28, 2013 at 11:22pm

If you sign another lease I highly reccommend that the reqirements for the lease ending ...the filing of release at the recorders office etc be included in the lease. We have this in our current lease.

Permalink Reply by Tim Tarr on November 29, 2013 at 4:56pm

Along with that release be very cautious about what "holds" the Lease.

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