Leasing in Wayne
Replies to This Discussion
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Permalink Reply by Finnbear on -
Wishgard is a lease flipper whose MO is to get you to sign a marketing agreement cleverly disguised as a lease (and tie up your land for months and months) and then try to find a buyer for their lease package. They will even come back to you asking for an extension of more months when no one bites on their deal during their initial term. Their "lease" is not really a lease unless they can find someone to take it off their hands, allowing them to keep 8% of your signing bonus and a 1% royalty override. No one will receive payment from them until they have a buyer who is willing to pay more than $2750. They will walk away from what you signed if the agreement period passes and they can't find a buyer.
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Permalink Reply by 1w1vl8clda7t4 on
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And it gets worse...they will record it at the courthouse before they collect any monies from the flippee, and when they don't flip your lease your stuck with a recorded document that is worthless and you'll have to pay an attorney to have if removed. For this reason, it is imperative to have your lease state "said lease or memorandum will not be recorded until lessor has received bonus money in hand."
BGJ -
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Oh, I know how they operate, I was just wondering if they had a perspective buyer yet.
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Permalink Reply by dan gladyszewski on
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A co-worker of mine has land in Wayne and mentioned to me about wanting to go to a O&G meeting there last night. I then warned him about Wishgard being in the area and to ask who was running this "meeting". When he arrived, within minutes, someone showed him a lease and began the sales pitch. He bluntly asked the man who he was with, and of course, he answered" Wishgard". My friend replied," your reputation precedes you, good bye." He then got up and walked out. His only regret was that he felt he should had stayed and warned others.
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Permalink Reply by Shocked at SHELL on
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Again Finnbear what you lack to mention is that they have signed and paid over 250 million in lease bonus moneys, on top of having a great lease or at least better than most. Marketing agreements are illegal in Ohio and if they can sell your lease for the best offer that you have currently why don’t they deserve to make money? You didn’t sign with them because you were a DES fan good for you!!! I see where that got you. I’m calling you out to go do something more than hide behind your computer screen like a back seat driver and put your money were your mouth is PUT UP OR SHUT UP!!! I will be at your meetings seeing what you can do.
I signed with Wishgard and I’m happy I have a great lease and now me and my neighbors are getting unitized as we speak. As is Wishgard customers in Guernsey, Harrison and Belmont right now. I know of 5 wells permitted under Wishgard leases. Tell me Finnbitch is there any other company that can say that?
People if Wishgard is in your area that means you have a great chance at getting paid and drilled. Don’t let these people talk you into not going to a meeting because they don’t have the balls to go do what Wishgard is doing and from what I gather they want to do it for free.
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Did you really just call out Finnbear, likely the most honest, informed and reputable poster in Ohio (apologies to Black Gold Junkie, another man among boys)? I'm shocked at your ignorance, pal. Wishgard isn't a driller, they are a broker. If you're getting a well from a Wishgard lease they aren't drilling it. At no time did they have any exclusive contract with a driller. It's not like Kenyon or DPS who was contracted out by CHK. Wishgard sells to the highest bidder, and as a capitalist I fully endorse their business model. However, Wishgard's profit margin is irrelevant to a landowner looking to make the best deal for their family. So what did that wonderful Wishgard lease pay you? What was your LOR? Because they kept a piece of the cash and they kept a piece of the ride. If Gulfport bought Wishgard's leases on and 80% and you only got 17.5% that means you left a potential truckload of money on the table. While you're making money off of a well (and I sincerely hope you do) Wishgard is also making money for doing nothing more than convincing you to sign a piece of paper. Good for them, not so good for you.
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Permalink Reply by Finnbear on
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I am part of the Smith-Goshen group in Belmont and definitely not a Des W. fan. Not sure where you got your info but you are mistaken at best. If you want to come to the S-G meetings looking for me then have at it. Someone from my family goes to most of the meetings. I'm not a committee member of S-G and don't go to all the meetings because they are 2+ hours away and I have a busy schedule. Your attitude is unwarranted and unprofessional and you should get your facts straight before going into attack mode. If you are happy with what Wishgard did for you then good for you. My experience with them was very unsatisfactory and extremely aggravating and time consuming. Every time I or my family dealt with them, their story changed, and then what they put in writing never quite matched up with their sales pitch. I'm in business, and by choice, I don't trust or do business with people like that. Based on that, I would not deal with them again and would not recommend that anyone else do so either. Based on my experience and the number of people who have told me about the headaches they had with getting unpaid Wishgard leases removed from their property, I believe I am correct in doing so.
How many Wishgard leases are permitted in Belmont County? We have major coal vs oil issues there and I'm not aware of anyone even permitting in the coal affected areas. I haven't seen any Belmont/Wishgard permits yet but also haven't been watching that closely since early in May.
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Wishgard clients totalling 27,000 acres were funded in Blemont in 2011. It is true that the price spiked and certain landowner recieved more money after the Wishgard group was funded. However it is also true that the Belmont market has since gone down to a level below what Wishgard clients got paid.
Wishgard anicipates at least 4 units for their clients in Belmont in the 12 months.
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Shocked at the ignorance, I'm wondeding what turnip truck you just got off of...I see this was your first reply to a discussion...great first impression, but I guess it doesn't matter to you since you are affiliated with Wishgard in one way or another.
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