Wishgard sent me a letter/contract for my property to lease out. They are giving $1600 and acre upfront and 15% of the gross profit. Initial 5 year lease (huge lease agreement) and a 5 year extension if needed.
Are they any good?
Is there any other leasing company out there better?
Is Wishgard a good company?
Has anyone else been contacted and what are you going to do?
I am new to this and would appreciate any valid information.
Should I hold off and wait till next year for the big boys to come in?
Any rumors of the big boys coming in next year with bigger offers?
Any and all information would greatly be appreciated very very much.
I can send my phone number if you have very solid knowledge.
It is a contract to represent - a marketing agreement. If they can't find a buyer where they can make a profit at the terms they offer you, when their term runs out, you get NOTHING, except maybe a letter begging you to sign again and give them another chance. You are better off to wait for real producers to show interest in your area, and in the meantime educate yourself and organize with other landowners to negotiate with the producers for a good lease.
Not sure if you want "easier leases", they may not protect you, if you do not understand the "lawyer gobbledy gook", contact Wishgard and ask for a landman and I am sure they would be happy to go over line by line the 7 page lease instead of asking the Opinions of people on here, they probably do not know (or understand) the contents of the lease, sometimes the contents and the protections of the lease maybe more important to you than the "big bucks". I have heard they have paid out a lot of money and if people have not received money it is because they did not own their mineral rights like they thought they did. I think that you should do your homework and go to different meetings of different companies and compare for yourself. That is the only way you can educate yourself and make a sound decision on what to do.
If you are foolish enough to trust their landman to explain their lease to you line by line, then you deserve their lease.
Employ a good oil and gas attorney to explain any lease offer if you don't fully understand it on your own. Never trust a landman - he does not have your best interest at heart - he is paid to get you to lease as cheaply as possible, as quickly as possible.
Luke - do you work for Wishagrd?
Once again, excellent advice from Finnbear; I always enjoy his knowledgeable posts.
It is amazing to me that people will enter into a contract that will potentially bind them, their children, grandchildren and great-grandchildren- all without benefit of the advice of a qualified Attorney.
This is not buying a TV or a car - this is a big deal with very long term repercussions.
And, you likely only have one chance to get it right. You likely won't get do-overs.
Someone with 100 acres to lease could jeopardize hundreds of thousands of dollars in sign-on bonus and ultimate royalties because they are too cheap to pay an Attorney $200-$600.
How does that old saying go "A man who acts as his own Attorney has a fool for a Lawyer.".
OBTW, Luke - do you work for Wishagrd?. you seem to be the only one who has a good word to say about them.
No, I have heard a presentation as well as other presentations in the area and too am in the decision stages. Just trying to understand this whole thing as everyone else but feel everyone tends to be bias and jumps on bandwagons. Apparently we all have plenty of time to make educated decisions around here and that is what I am trying to do. Just trying to get facts and not opinions. I agree, take ALL leases to an attorney, as a landman, they could "explain" the lease in their jargon but an attorney will tell you what each line by line will "mean" and how it will affect you. Good point Finnbear.
i trusted a wishgard landman and now ive been trying to get released from the lease for 2 months. All they want is to get the lease signed. He told me offers would not exceed 1800, and acted like everything on the lease was for my benefit. some people have signed for 3000 with wishgard 2 months after i signed.
i signed with wishgard several months ago, the lease seemed like a good lease but they only offered 1840 per acre and 15.5 percent royalty. leases in belmont county ohio are now reaching 5000-6000 per acre at 20 percent royalty. they never paid in the 90 business days that they had so ive been trying to get out of the lease to sign for more. it takes about 3 days for them to call you back. last i heard they were sending someone to court house to release me from lease but havnt seen any documentation on it yet. i dont think they wanted to release me but they couldnt proceed with my lease without me going to the bank and sending a subordinate clause to them. one lady at wishgard was very nice and helpful and another guy was a a-hole. most people that signed when i did got paid,but luckily there was a problem with my mortgage. my friend signed with wishgard for 3000 per acre. I would check with your neighbors see what they have been offered but 1600 per acre seems very low. wishgard isnt a drilling company they will sell your lease to a driller and make money. if you join in with your neighbors you will have more land together and probably get a better lease
Did you have your attorney look over the lease you signed??
Wishgard is a flipper.The big guns are going to show up after wishgard.They will be offering way more ..WISHGARD = BAD LEASE,BAD PAY, BAD DEAL..