We were contacted several months ago by Cardinal Minerals regarding a purchase of minerals. Contract offered a respectable amount and we signed. Closing date is tomorrow and they have not notified us of anything. Failing to return calls. Has anyone else had any dealings with them ?
The Petroleum Landman who owns AMCO Oil and Gas knows every operator and mineral companies in the Appalachian basin. I’ve had his company help me in the past. I highly recommend him. www.amcooilgas.com. 681.209.8964, ask for Nick.
I was told our area was 2 years out for drilling... offered 7, probably good they backed out !!
I'm in Knox township, they've contacted me a few times, upping the offer $3500 per acre on currently producing land and $7,000 for unleased. Looks like they record the mineral deeds as GHR holdings, same mailing address. I'm not sure how professional they are when they send out hand addressed envelopes that go back to a residential address in southern Ohio. I have multiple people from them call & email so I don't know who is who. A few people warned me about cardinal likes to bait and switch. ie example something changes in the research of your deed and less money.
I did talk to the Nick they posted from AMCO oil & gas and a few months ago he didn't have any investors in my area.
We get this in West Virginia as well. Mineral companies will give you big numbers without valuing the area out first and then back out of the PSA at the last minute. I had that happen in Tyler Co, WV last year. I signed a PSA, took 3 months and never heard a word throughout the whole process. I called many times and nobody responded. The day that the PSA was expired, the guy from a company out Pittsburgh called and told me that the market wasn’t good and gas was going down, he changed the offer from $9500 an acre to $6500 an acre. My wife was so upset that we waited 3 months and nothing happened. I research out different companies and that’s when I found AMCO. When I spoke to Nick, he told me not to sell. We would see Antero permits by the end of the year. He was right, but for personal reasons, I had to sell. He reached out to 2 investment companies and Antero. We went back and forth for a month, finally Antero gave us $12,5 and acre. Nick worked with the Antero Landman to where we got paid in 5 days of the deed signing.
sorry he couldn’t have help you tacoma7583.
It did not go through.
Just curious did they find something with your ownership of the minerals or just not want to pay up?
They offered $1300/ acre less than what was on the contract. There were no defects on my end.
Did they give you any reason for the decrease?
They stated they made a mistake, waited until near closing to advise me of that. That was the last I heard from them.