Replies to This Discussion

Permalink Reply by Joseph-Ohio on June 15, 2012 at 11:46am

I've heard their lease (the BlackRidge lease) promises 10 % of the signing bonus at the landowner's signing of the lease, with the remaining 90 % of the signing bonus paid on a specific date; but also within ninety (90) days after they (BlackRidge) prove clear title, get their counsel's approval and then sign the lease agreement as the lessee.

That seems to me to mean that if they (BlackRidge) so to speak 'drag their feet' clearing title, getting their counsel's approval, and signing as lessee; it could work out to be some time after the specific promise to pay date before the landowner sees the remaining 90 % of the signing bonus.

I could be hearing something wrongly but that's what it's sounding like to me.

Maybe you can clear some of it up.

Permalink Reply by Dan on June 15, 2012 at 12:04pm

10% at signing is what I read. I see the lawsuits now. Property fails title search.. O sorry I already spent the 10% bonus...

Permalink Reply by Joseph-Ohio on June 15, 2012 at 12:12pm

Isn't that a non-refundable signing bonus ? ?

But, I guess I can see that if a property doesn't clear title and the title was represented by the landowner as clear at signing, that the whole shooting match might very well end up in a courtroom.

Ugly business man.

 

 

Permalink Reply by Mike T. on June 15, 2012 at 12:41pm

I'm no lawyer but by the way I understand it from the contract, 10% goes into an escrow account while title search is done. I KNOW they only have up to 90 days from signing of lease, not from title clearing, to do title search and pay entire amount. The date it has to be paid in full is right in the contract, contingent upon the title clearing. If the title doesn't clear, and it's something that can't be worked out, they get the escrowed money back.

If they drag their feet and don't get the title search done and paid in full within the 90 days, landowner keeps the 10% and is out of the lease.

Permalink Reply by Joseph-Ohio on June 15, 2012 at 1:06pm

I (only) heard that the landowner gets paid the 90% remainder of the signing bonus within 90 days of BlackRidge signing the lease and on the condition that the title clears and their legal guys give them the go ahead.

Also, you see, I don't even know when BlackRidge would sign the lease - is it sometime after the landowner signs - or is it simultaneous ?

Anyway, you sound like you as landowner knows what's going on and that's all that really matters - I've only heard things and have read a few posts - haven't even been approached by anyone even resembling BlackRidge - just trying to see in the dark without night vision, in my attempts at becoming educated in these goings on.

Permalink Reply by Mike T. on June 15, 2012 at 1:19pm

The contract has a specific date for the entire amount to be paid. I signed June 8th, and in the contract they have until September 8th to pay in full. It's not an arbitrary 90 days from signing, it's an actual date.

Guess i'll know for sure by then, but the contract looks very good.

Permalink Reply by Joseph-Ohio on June 15, 2012 at 1:21pm

Based on what you've just written I've heard wrong.

Wouldn't be the 1st time.

Good luck to us all.

Permalink Reply by Bill Simpson on June 17, 2012 at 1:28am

Does anyone know where EALA is headed at this time. Have not heard anything/updates or just plain general information.

Any information would be better then none. Blackridge and perhaps another venue will start moving north eventually and if they pay their previously signed folks on time I'm sure you will see folks up north signing just to get the leasing issue out of the way.

The last EALA meeting never touched on where the northern area was headed. It covered Trumbal County's lease but everyone came to the meeting to hear where the north was heading.

Appreciate any positive feedback or information.

Permalink Reply by Joseph-Ohio on June 17, 2012 at 1:54am

We've no helpful information re.: EALA, and we're also interested in what happens and when it's going to happen for us folks north of 6.

That ALOV Trumbull lease with BP looked like the best deal we've seen lately - even though it was less $ / acre than the BlackRidge number we've heard about (Trumbull @ $3,900.00 and BlackRidge @ $4,250.00).

We've heard that the BlackRidge deal involved Bonus money Escrow Account action.  Should we finally have a chance at a deal we would personally prefer an agreed to signup Bonus Payment paid on a (near future) specific date without all of the Escrow Account action.  We would also like to see some money at the sign up (as we've heard that no money at signup happened with the ALOV Trumbull deal). 

Standing by along with ya.

Keep posting - it's good that we all compare notes.

Permalink Reply by Bill Simpson on June 17, 2012 at 2:34am

I meant to say Buckeye Mineral/Bob Rea/EALA instead of just EALA only.

We as group members need to hear it from the top. I realize that they (Buckeye Mineral) cannot give specifics which makes common sense but any update/information is better than none at all. Many of us signed up in the initial meeting in Jan/12 and since then it has been quiet.

Thanks

Permalink Reply by Joseph-Ohio on June 17, 2012 at 2:43am

You know the whole purpose of the County Group is to share information, and having written that, and Buckeye Mineral / Bob Rea / EALA being etiquette then, we still personally can't see what wouldn't make sense about sharing specifics, especially good specifics, and especially with group members - but that's just us as non-enrollees as of yet - and not saying we wouldn't enroll when the time was right for us and seeing it to our advantage !

To clarify, we think that if there's something good to advertise they should advertise it - probably would work to their enrollment benefit.

BTW does Buckeye Mineral / EALA have a sample of the Lease they're selling to share with prospective enrollees ?

Permalink Reply by Amanda on June 17, 2012 at 3:09am

http://www.alov.us/

If you go to ALOV's web site, they have sample leases and former leases of counties already signed and paid.

My Mom was part of the BP/ALOV signing in Trumbull.  There were long periods of time between communication.  In my gut, I knew Bob Rea wasn't trying to dupe anyone.  He just couldn't divulge sensitive information that could potentially reach the competition and company(ies) he was dealing with during that time.

Just my experience.  Hope it helps!

Amanda

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