ECLIPSE RESOURCES AMENDMENT TO CONTRACT EXTENSION
I HAVE BEEN CONTACTED BY ECLIPSE ABOUT AMMENDING MY CONTRACT ALONG WITH SEVERAL OTHERS IN MONROE COUNTY OHIO. MY CONTRACT IS SIMILAR TO THE SEOLA CONTRACT DONE BY JENNIFER GARRISON. THEY WANT TO PAY ME IN ADVANCE $1,000 AN ACRE TO CHANGE MY CONTRACT TO 5 -0NE YEAR EXTENSIONS INSTEAD OF THE $5,000 AN ACRE FOR THE ONE TIME RENEWAL. MY CONTRACT DOES NOT EXPIRE FOR ANOTHER18 MONTHS. I UNDERSTAND WHY THEY WANT TO DO THIS, BUT THE AMMENDMENT IS SEVERAL PAGES LONG. I LIKE THE CONTRACT THE WAY IT IS WRITTEN NOW AND I AM AFRAID THE WORDING CAN CHANGE OTHER PARTS OF MY CONTRACT. I AM IN CONTACT WITH MY LAWYER TO DISCUSS THIS, BUT I WAS WONDERING WHAT OTHERS IN MONROE COUNTY SIGNED WITH ECLIPSE THINK OF THE WORDING OF THIS AMMENDMENT.
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Replies to This Discussion
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Permalink Reply by Philip Brutz on
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In article 2 of MISCELLANEOUS, they added "oil, gas and other minerals on or underlying the Leased Premises unto Lessee"
Other minerals could mean just about anything. I still own my coal rights, if I were to sign this would I be giving them up?
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Permalink Reply by luke s on
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JUST RECEIVED A PHONE CALL FROM ECLIPSE GIVING ME TILL NEXT WEDNESDAY TO SIGN AMENDMENT OR THIS OFFER IS OFF THE TABLE, AND THEY SAID THE NEXT OFFER WOULD BE HALF
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Permalink Reply by bo boboski on
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Usually when they use pressure and time limits to get you to sign something its not a very good idea to sign!
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Permalink Reply by Fast on
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Interesting. If you don't except the offer it is withdrawn/off the table/scrapped!! Then they offer you a next offer at half price. So they are probably reading this thread you posted about your fears or there is a mole. Either way it sounds like they are trying to force you to do something it appears you might not want to do. No advice there. It's a personal decision. I guess it's how bad you want it.
Good luck.
Fast
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Permalink Reply by searcherone on
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a good grape on the vine says pressure could be on because SEOLA may have worked out something for their signers
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Permalink Reply by Barry D on
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luke s,
That's called desperation.
The threat doesn't even make sense if you won't sign at the current offer why would you sign at a lesser amount?
Desperation pure and simple.
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A lot of times budgets come in to play and offers are lowered across the board. Not unusual.
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Permalink Reply by Barry D on
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Fast,
I am not an attorney (although I play one on TV). I suggest anyone contemplating this agreement consult an attorney.
Having read a copy of the agreement, there is a clause that states that all other terms of the lease remain in force. At least that is my interpretation.
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Barry,
I agree with you. Do not sign your life away without an attorney helping you sign it away.
It is bad enough some oil & gas companies don't always honor the terms of the lease agreement for which you did agree upon.
All you need to do is read the horror stories on GMS to know even if you do it all correctly, there are cases where it doesn't work out. The whole take me to court attitude should make a person very wary of the landowner friendly oil & gas company.
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Permalink Reply by searcherone on
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Olive Sue, if one signs the amendment it means that it is on a year to year basis and they can do that for five years. Eclipse could pay for the first year and drop the lease after that year. A landowner would receive no more money. There is no guarantee of five years, they just have the option to do that, but they don't have to. Landowner would get one fifth of the money and might not receive the other four fifths.
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