GREAT RIVER LEASE?

So has everyone now been paid by there GREAT RIVER LEASE? people talk about it then just stop! NOTHING!

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Permalink Reply by adam sorell on May 3, 2014 at 1:42pm

Chesapeake Energy Corp. (CHK), the second-largest U.S. natural gas producer, must pay $121 million to three Texas lease holders after failing to persuade an appeals court to overturn a verdict that it reneged on deals to buy mineral rights when prices plunged in 2008.

The lawsuit is one of hundreds of landowner claims filed in federal and state courts in Texas, Michigan, Pennsylvania and other states alleging Chesapeake broke contracts for oil and gas leases.

http://www.bloomberg.com/news/2014-05-01/chesapeake-loses-bid-to-re...

Permalink Reply by James Foster on June 2, 2014 at 8:56pm

I did my research several years ago and it was not on this site. It was in person with attorneys and other knowlegdeable members of the community including Farm Bureau, Oil and Gas Industry, ODNR, and many others. I have lost track of the number of meetings I have attended and helped organize in two counties. I have a signed lease, was paid in a timely manner, and am in a drilling unit with a producing well that began producing in March of this year along with many others in Ohio who signed with Chesapeake in a huge group signing. Look at ODNR and see who has producing wells here in Ohio. There are plenty of intelligent people who signed with Chesapeake and are happy with them. So I don't need your advice about this or about grammar. And if I choose to post about our good experience with Chesapeake I will do so!

Permalink Reply by wandering juju on May 5, 2014 at 4:00pm

it is amazing how many crazy companies pop up here or there..  we did a deal with Siltstone, Our land is in  Jefferson county and they performed perfectly... We found out that they are moving their drilling team to Parkersburg Wv.. I was very impressed with their company and signed a binding agreement with them that stated I was to be paid.... the call back number is 740-435-0902     they are the owners... not a flipper

Permalink Reply by dustin l larson on May 6, 2014 at 9:30am

its been 140 days for me in noble co,oh still waiting

Permalink Reply by adam sorell on May 10, 2014 at 12:52am

dustin. On your lease is it 120 days on addendum??

Permalink Reply by adam sorell on May 10, 2014 at 2:23am

But internal Chesapeake emails show that by August -- a few months after he had called McClendon the world's best land man -- McGuire was troubled by the experience.

At the direction of McClendon and other Chesapeake executives, McGuire was ordered to reject or put on hold hundreds of leases after a Chesapeake test well performed poorly and a major Chesapeake competitor stopped new leasing.

A backlash ensued, and McGuire's company bore the brunt. O.I.L. Niagaran became a defendant in about 150 breach-of-contract lawsuits filed since late 2010 in Michigan state courts.

McGuire referred questions to an attorney, who declined to comment.

Faux deals?
Extricating itself from land leases has sometimes proved as important to Chesapeake as obtaining them.

In lawsuits in Texas, Pennsylvania and North Dakota, land owners allege Chesapeake has treated signed leases as mere placeholders for deals that it may later choose not to honor.

n late 2008, as the financial crisis sent natural gas prices tumbling, Chesapeake began to reevaluate deals it had cut.

One group of land owners caught in these retreats was the Witt family. They own a 33-acre tract above the Haynesville formation of rich gas fields in Harrison County, Texas.

In August 2008, the Witts were approached by land men working for Chesapeake. The offer: to lease mineral rights for the Witts' land for $14,000 per acre, according to an amended complaint filed in May 2012. Instead of checks, Chesapeake issued bank drafts, which can be cashed after an owner's property title is reviewed -- typically 30 to 90 days after a lease is signed.

When the Witts went to cash the Chesapeake bank draft, they were told by bank officials that the payment would not be honored. A hand-written note on one of the Witts' bank drafts rescinded by Chesapeake reads, "Cancelled for renegotiating price (per) acre," according to an exhibit submitted in the family's lawsuit.

The Witts alleged that McClendon told Chesapeake employees "to reduce the already agreed upon bonuses down to no more than $5,000 per acre" and to "take lawsuits" if necessary.

The family claimed they were "cold-drafted," a term used to describe an "unethical practice in the leasing industry" in which the land owner is provided a bank draft "in consideration for a valid, enforceable lease," even though the company's intent is "not to honor the payment obligation."

http://www.desmogblog.com/2013/08/21/ousted-chesapeake-energy-ceo-a...

Permalink Reply by ronald cunningham on May 31, 2014 at 12:53am

after 7 days im still waiting for the check too clear the bank ..who knows when and if that will  happen.im getting pissed. .dont spend anything before the check has cleared

Permalink Reply by adam sorell on May 31, 2014 at 1:09am

i think it will clear. Some banks around here want to be your partner. Plus they have to report you to your hard working  patriotic gooberment so they can get their fair share for doing nothing before you get yours.

Once i deposited a check for $15k in Wesbanco and the pigeon faces had a 2 week hold on it. Once it cleared i closed my account down.

by law, financial institutions have to abide by a statute in the Code of Federal Regulations (U.S. Code Title 12, Chapter 41, The Expedited Funds Availability Act). The act stipulates that at least $5,000 of the balance from any out-of-state check has to be credited to the account (and available for customer use) within five business days of the original deposit.

Permalink Reply by ronald cunningham on June 1, 2014 at 12:18am

well my check cleared today .it took about 10 days.for a little over 12 acres.

Permalink Reply by Robin Damer on June 2, 2014 at 5:36pm

that is great to hear ronald.

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