Lease meeting for Jefferson,& Belmont Co.

I just left a meeting in Wintersville, for leasing in Jefferson County and Belmont County. A group by attorneys Tzangas Plakas
Mannos Ltd. Offered 5000 and 20% for Jefferson and approx 6200 and 20% for Belmont Co. Said the need to know by next week I f I'm in or out. Caught me off guard. went from o interest in Jefferson to anyone can join. Does anyone know what Company this may be. Fee to be paid by Company.

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Permalink Reply by jett on August 12, 2013 at 6:24am

Type in Buckeye Royalties in the search section above. There's info about them from some other GMS members.

Permalink Reply by Terry giuliani on August 12, 2013 at 6:26am

Corvette

I saw the postcard, my neighbor got one for property he has in Belmont Co. Dib you sign the agreement to join the lawyer group? I think it may be with Paloma but they are usually  project managers. Do you know if they gave access codes to their web site for the Jefferson Co. site?

 

Permalink Reply by CraigL on August 12, 2013 at 11:00am

Buckeye Royalties may be a group that will try to assemble acreage and pitch it to oil and gas companies for a percentage or $100 an acre or so as a finders fee. Sometimes this proves to be beneficial for those that can not get included in a unit.  They will take a lawyer's lease form and pitch it to landowners. Most of the time these guys have very little experience in the industry and have very little knowledge. It is just a way for guys to get their undeserved piece of the pie.

Permalink Reply by Arlene S Bailey on August 12, 2013 at 12:22pm

I was just in Joe Corabi's office this morning to hand in some papers for my lease. They changed the Client Follow up meeting and lease signing to AUGUST 19th (Not the 14th). at 6:30 pm @ St Florian Hall-Wintersville. August 30.31 is still on for Final lease signing. You can double check my ino : Corabi Law Office 740-283-3388.

Permalink Reply by Terry giuliani on August 12, 2013 at 12:49pm

Arlene

Thanks for the info I have been checking the lawlion website but don't have a pass code yet. My neighbor was there today and they told him they were really looking for 20 acres or  more but they would take a look at his because it butts up to mine. I was mainly looking because I butt up to 130 acres next door. I'm not a sell yet, could go either way. Thanks for the info.

Permalink Reply by Garfield on August 12, 2013 at 2:54pm

Does their lease contain an actual 20% GROSS off the wellhead meter or is it another NET lease where they deduct AdValorem and Market Enhancement fees to turn the Apples into Pies?

Seems they're all too eager to demand "Market Enhancement" clauses and also.. they need to Market the Gas to an Unaffiliated 3rd Party at Arm's Length Deal and NOT to one of their vertically stacked subsidiary shell companies.

So far I've only seen one.. that's { 1 } actual Gross Lease.. the rest are composed by verbal wizards who twist words to fool the lessor into believing they're getting a gross lease.

If the Market Enhancement makes them so much MORE $ Money.. WHY are they so Eager to FORCE in on lessors?

Let the oil companies bake the apples into pies and sell the pies by the slice if they so choose!

All I want is my 20% Gross off the Wellhead Meter at Fair Market Value!

I hope you all realize the games these companies are playing!

Permalink Reply by jett on August 13, 2013 at 1:49am

Can you please explain why the %gross off the wellhead meter at fair market value is the correct wording? Thanks!

Permalink Reply by Garfield on August 13, 2013 at 4:53pm

dunno.. but you forgot to put a space between % and gross

Permalink Reply by Garfield on August 13, 2013 at 4:56pm

dunno.. I just make up stuff as I go along and if it sounds good I roll with it

Permalink Reply by Corvette on August 14, 2013 at 1:37pm

Terry, I went to the Buckeye Royalties meeting. Their lease  offer in my laymans view seems better than the Jefferson landgroup. They are working with Paloma, I was told by one of their reps that the Jefferson group was working with Great River-never heard of them. That is what I was told, not sure guess we find out Monday evening.

Permalink Reply by Garfield on August 14, 2013 at 3:54pm

if EITHER lease contains "Market Enhancement" you may as well just sell to them cause the market enhancement will magically transform a 20% gross into a 12% net.. or even less!

If there's a market enhancement/clause.. they'll steal up to half your royalties!

If there's an Ad Valorem.. they'll steal even more!

Don't be fooled.. any lease with market enhancement and ad valorem is definitely a no no!

Lessor must Not pay Ad Valorem.. you may pay your own property taxes but the oil company should definitely be paying any additional taxes!

And make them pay you your fair share of 20% Gross.. WITHOUT MARKET ENHANCEMENT !!! ........or don't sign!!! 

Paloma isn't even responsible enough to cover 100% of any damages they cause.. read the surface and subsurface clause! Read their contract if you don't believe me.. it says "however under no circumstances will they be responsible for more than $3000 damage per acre" ...now what does THAT tell ya!

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