With Edgemarc declaring bankruptcy and they have been asking for extensions which i believe is a non starter because they have not signed original contracts and therefore how can we sign an extension on a non existent contract. By contract they are only allowed to extend 45 days after orginial 120 days.
However the point is that if they cannot fullfill the original contract due to the bankruptcy and another company comes in then the owners of the land should hold out for 3000 per acre and 12.5 % at the wellhead. The leverage is that why would high pressure lines be put in and a one billion dollar plant be put in to process the material if the forecasted amount underground would not pay for the cost plus provide pofit.
If the information is passed among all landowners and we act as one then i believe that we can achieve the wellhead portin of the contract If not, then whatever company would acheiving the leasing rights can take up to 50% or more so therefore your royalties would be reduced substancially.
The attitude of the reps were at least to me and from what i heard was that "this is what we are offering and no one is getting 12.5% at wellhead.
please post your thoughts and start spreading the word.
The deal that Edgemarc made with ETP is what did them in by one day
"EdgeMarc responded that it had terminated the contract because the pipeline wasn’t put into commercial service by the date that Energy Transfer guaranteed: Jan. 1, 2019.
But Energy Transfer argued that the pipeline was commercially operating. For one day. On Sept. 10, the day of the explosion, Energy Transfer sent EdgeMarc two notices. The first announced that the pipeline had been put into commercial service the day before. The second said that it had suspended operations because of the explosion, which was an unforeseeable event, “an act of God.” In legal terms, it declared a force majeure."
Read whole article http://www.frackcheckwv.net/2019/05/18/%E2%80%9Can-act-of-god%E2%80...