Hilcorp updates??

Ok I did the HUGE leasing event in Lawrence Co. back in September with Hilcorp.  We actually got a letter in the mail from Co-Exprise stating that once our bank info was faxed our lease check would be wired.  Now what??  Yah, we have a nice sum in the bank now, but do we get notified somehow if Hilcorp is going to drill on our land? How do we know what's going on?  I google "News updates on Hilcorp" and get nothing recent.   View points please!

 

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Permalink Reply by Chris Crawley on November 28, 2011 at 5:56am

I've been considering sending them the notice of default right away in the event they don't make payment within the 90 days allowed in the lease agreement which should effectively terminate the lease agreement around 12/17/11.. or, maybe returning the bonus payment if recv'd after 12/7/11and sending them notice I intend to recind the lease agreement.. It's my understanding that until I deposit the bonus money the lease isn't enforceable anyway..Lots of very important decisions to be made in the near future..

Permalink Reply by Dale Ross on November 28, 2011 at 7:41am

Chris,

Are you signed with Hilcorp?  I signed on the final day, which means my 90 days would end on 12/9/11.  I really don't see anything binding in the contract that would allow you or others to terminate the lease agreement though.  That was the purpose of my earlier question.  Though they verbally stated 90 days (or 60 business days) several times, what are they legally bound to?  Not that I think there is some evil plan, or that I definately want out, I would just like to know because Coexprise touted that this contract was legally bound paid up front...meaning that it was unlike many past leases that were not binding for either party until the check was deposited into the landowner's account.  It was my understanding that this type of lease was mutually binding at the time it was signed.  Jim Litwinowicz may be able to chime in with more details....

Permalink Reply by Elsie Fox on November 28, 2011 at 6:34pm

My opinion is the same as yours, Tim.  I signed on 9/16 and the lease was attached to my deed on 10/11.  In my little mind, the day the lease is officially recorded should be the day I get paid! 

 

Funny, I had no idea just how badly I needed this money until signed up to get it. LOL!!

Permalink Reply by Finnbear on November 29, 2011 at 2:12am
Have you been paid yet? If the lease has been recorded with the county for 6 weeks now, it seems they should have mailed a check the week they recorded the lease.
Permalink Reply by Dale Ross on November 28, 2011 at 3:37am

Jim,

 

Do you have any insight on this?

Permalink Reply by Jim Litwinowicz on November 28, 2011 at 5:17am

Dale;  I know personally a couple of people that have been paid. Expect a lot more to paid in the next couple of weeks. I think they are a bit behind as the 90 calendar days will be up soon.  Western Land, the company doing the title work, brought in extra people to get caught up and the county courthouse has been operating under extended hours so they can work late.

I haven't been paid yet either but if it takes a couple of extra weeks I'm not worried as the money is worth the wait. Sure would be nice though to have before Christmas!

Permalink Reply by Finnbear on November 28, 2011 at 5:21am
This late in the year, I'd rather not get paid until January so I had more time to work with the money before I had to pay the IRS.
Permalink Reply by KML on November 28, 2011 at 5:17pm
Finnbear ~ you can defer payment until January
Permalink Reply by Elsie Fox on November 28, 2011 at 6:22pm

I'm signed up to get half in December and half in January.  I am in no way getting rich from my few acres, but the taxes should be lower this way.  I know someone who signed up to have his payment spread over 5 years.  (He's getting a lot of money, though......)

Permalink Reply by KML on November 29, 2011 at 4:16am

Elsie - This is NOT through Co-exprise/Hilcorp....correct?  I was told that a split payment through them is not an option

Permalink Reply by Elsie Fox on November 29, 2011 at 5:53pm

Oh, my, pardon me!  I got caught up in the discussion and I forgot it was about Hilcorp.  I would have thought that any company would be glad to defer payments, though.......even in this economy, time is still money!??

Permalink Reply by Dale Ross on November 29, 2011 at 12:18am

KLM,

How would you go about requesting a 50/50 split in December/January?  I was not aware this was an option.  I wouldn't even know who to contact.  Assuming I get a check in December, I would much rather it be half and the other half in January.  Anyone have a contact #?

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