Meeting with WKGD

 Were any of you in attendance at the meeting with KWGD on Monday at the PLCC. I was there and was totally surprised by the number of people in attendance. What were your thoughts about the meeting? I found it to be very informative.

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Replies to This Discussion

Permalink Reply by Nelson Roe on February 17, 2012 at 6:04am

I have consulted with a CPA... and in my case (for whatever reason) he said that I would not be required to do the quarterly payments for the Fed portion.  But he did give me a voucher to pay one installment to the state this year to avoid some penalties or additional tax when filing next years return.  Not saying this will be the case for everyone, but apparently neither is having to pay the quarterly estimated taxes this year.

Permalink Reply by W Moore on February 18, 2012 at 4:16am

Still waiting on payment as well! Have not heard nothing either way.Two days left.

Permalink Reply by scott peterson on February 18, 2012 at 4:18am

There has to be a boat load of checks coming on Monday. Good luck guys!

Permalink Reply by Adam Galbreath on February 18, 2012 at 4:21am

Only if by Fedex.  US Postal Service has the day off. 

Permalink Reply by W Moore on February 18, 2012 at 4:23am

Good point Adam forgot it was Presidents day!!

 

Permalink Reply by Billy Park Whyde on February 18, 2012 at 4:52am

Gee I wish I could sell valium for those awaiting checks! lol

Permalink Reply by DM on February 18, 2012 at 6:44am
No check today, no rejection letter today, but I did see a FedEx truck drive down the road early today.
Permalink Reply by Mickey Shank on February 18, 2012 at 9:07am

Ditto, except for the FE truck.  But on the up side, I did wake up , healthy, still owe a portion of the national debt, like we all do  :) . As it goes, 

Permalink Reply by DM on February 18, 2012 at 9:32am
What happens if they dont complete the title search and issue the checks by Monday? I remember Bill talking about this at a meeting but I'm not sure what was said.
Permalink Reply by DM on February 20, 2012 at 9:44am

I seem to remember Bill saying that if they did not complete the title search withing the due diligence timeframe, then the remaining members would have to be paid regardless of title status.  Anyone else remember something along those lines?

Doesn't look like there was a flurry of checks issued today and the due diligence period has came and went - depending if you start counting on the 22nd or 23rd. Maybe we will get an update from KWGD at the end of the work day.

Permalink Reply by DM on February 20, 2012 at 9:58am

I could not find any of the above in writing.  I did find Article 60 on page 29 of the lease...

Bonus Payment - In the event Lessor does not receiver the upfront signing bonus payment set forth in paragraph one of this Lease with 120 days of the date of this lease, then this Lease shall automatically become null and void.  Time is off the essence for all provisions of this lease.

Permalink Reply by DM on February 20, 2012 at 11:37am

I asked Nathan about this paragraph...

 

"That paragraph will not be a problem, the letter agreement with gulfport obligates them to take the acreage with good title.  Today is a holiday so there is a good chance the holiday may delay your mail."

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