Comment

Comment by Richard Clark on December 21, 2010 at 12:57pm

Dan, it is ok to not have the addendum recorded.  Only the lease it's self or the memorandum of lease is necessary to record.  The addendum becomes a part of the lease.  It should state that on the addendum that is a part of a certain oil and gas lease belonging to..........and so on.

Comment by Dan on December 21, 2010 at 6:39am

Chuck, that's a good point, i could just record it myself.  But is there any benefit of doing that?  Is the document any less binding?  Actually as I look at it, there is no place for them to sign, just me.  Is that what they rest of you are seeing?  Unrecorded Addendums, and signatures only by lessors?

Comment by Chuck White on December 21, 2010 at 5:24am

Dan,

If it is signed by you, the landman , and a notary you could have it recorded yourself.

Comment by Dan on December 20, 2010 at 10:29pm

Ok, so I have my lease offer in hand, and I'm looking over the main lease, and the addendum page.  For the addendum page, it says the addendum will be "unrecorded", as in not recorded in the courthouse with the main part of the lease contract.  I asked the landman why the addendum page was not going to be recorded and he said it is so other gas companies won't be able to look up the finer points of the lease agreements and see what the competition is offering.  Does anyone else have experience with this?  Should I insist on it being recorded or does it not matter, because it is still binding whether it is recorded or not?

Comment by scott jackovitch on December 20, 2010 at 3:48pm

Thanks Chuck.

Comment by Chuck White on December 20, 2010 at 3:45pm

Audit Clause
Lessee further grants to Lessor the right annually to examine, audit, or inspect books, records, and accounts
of Lessee pertinent to the purpose of verifying the accuracy of the reports and statements furnished to Lessor, and for checking the amount of payments lawfully due the Lessor under the terms of this
agreement. In exercising this right, Lessor shall give reasonable notice to Lessee of its intended audit and
such audit shall be conducted during normal business hours at the office of Lessee. Such examination and
audit shall be at the sole cost and expense of Lessor.

Comment by scott jackovitch on December 20, 2010 at 3:40pm

What is the audit option ?  Were you able to have any addendums added to the contract ?  Thanks

Comment by Chuck White on December 20, 2010 at 3:38pm

Scott

Net well head price, Chesapeake wouldn't go for gross.

They did give us an audit option.

Comment by scott jackovitch on December 20, 2010 at 2:24pm

Thanks Chuck,  Do you know if the leases that are being signed are for net or gross wellhead price ?

Comment by Chuck White on December 20, 2010 at 1:13pm

Scott

 

It was Knox Township in Jefferson County @ $1000.00 per acre.

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