Replies to This Discussion

Permalink Reply by Imelda stanley on April 19, 2012 at 1:54pm

I have no idea.

Permalink Reply by bo boboski on April 21, 2012 at 2:58am

I've been told that the bank drafts from Shell that are expiring are being cancelled by the land co. the day they are expiring since they will no longer be any good anyway. My informmant said Shell is still gonna pay,but it will now have to be by Check or a deposit @ your bank of choice. No-one seems to know when! You would think it would be soon since Gulfport has a signing in town and Anadarko has struck it big in Cumberland. opening an office in Zanesville.

Permalink Reply by Ann Bentley on April 21, 2012 at 3:44am

Thanks that makes sense to me. That would have been 120 days when I called. I wonder why they did not know that in the Cambridge Office.  SO that means if I don’t get the money soon I can sign with someone else.

Permalink Reply by Jeanette Krunich on April 21, 2012 at 4:24am

I also asked Holland Office about this yesterday.  They said you need to call Holland in Cambridge and ask for a release.  They will need to cancel and surrender your lease and have this recorded.  That will make your title clear again. 

Permalink Reply by Jeanette Krunich on April 21, 2012 at 4:22am

That is what Holland told me yesterday.  The 120 business days starts when AMEGY Bank receives the bank draft from your bank.  So if you did not take your draft to your bank right away, it has not expired yet. 

Permalink Reply by Ann Bentley on April 21, 2012 at 6:07am

DId Holland say how long it would be if you stayed with them? Or how long it would take with another company?

Permalink Reply by Jeanette Krunich on April 21, 2012 at 6:27am

Holland just checks the land titles for Shell.  Holland does not pay the landowner, Shell does.  Holland does not know how fast Shell is paying after they complete the paper work.  Some people have been paid.  How many I do not know. Another company?  Depends on what you might be able to negotiate.  60, 90 days? 

Permalink Reply by Jimmy Wilson on April 21, 2012 at 11:05am

 

Thank you for the info Jeanette

Does anyone know if the Carrizo people got paid ?

 

 

 

 

 

Permalink Reply by michelle smith on April 22, 2012 at 6:51am

Carrizo extended the lease 90 days (not banking days) w/a $300 per acre bonus, so we expect to be paid 1st week of June.

Permalink Reply by Mark Thompson on April 22, 2012 at 11:54pm

This is confusing to me.  Why would they let the drafts expire?  My landman told me that my draft would be paid as soon as the checked to see if I have clear title to the mineral rights. My attorney told me that the lease was a binding contract and not paying for any reason except for title issues would be breaking the contract.

Permalink Reply by Mark Thompson on April 24, 2012 at 6:31am

I would not panic. I spoke with my shell landman yesterday  who told me that payment would be received within 10 days after the draft expires.  I am hearing shell is paying just waiting until the last possible day.   Have you spoken with your landman?  What does he/she have to say?  Please keep the rest of us holding these drafts updated on your progress.  Thanks

Permalink Reply by Marc on May 23, 2012 at 10:46am

The contract does not "expire" because the due dilligence period has run. It simply means they have not performed in a timely manner are in breach. As long as you sue within a given period of time it should be a fairly easy case.

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