Good experience with Shell

I am seeing a lot of people with not so good experiences lately, so I wanted to at least convey our recent good experience.  We signed about 50 acres in Butler in December, 2011 with Shell (SWEPI).  We hired a lawyer to work with us to get the addendums we wanted.  Our lease said that the money would be paid 90 banking days from when the promissory note was given to the bank.  We realized after we left the signing meeting that we did not get the actual note from the land man at the time of signing...so we got it from him a few weeks later when he was back in town.  We filed it with the bank the day after we got it.  If we had filed it with the bank the day of signing, our 90 banking days would have been about April 24th or so.  As it was since we did not file it until several weeks later, our 90 banking days were in mid-may.  We called them a number of times to check on the status, and we were told that May 23 was the day.  On May 23, we called and were told we were on the list, but it usually took 5-10 days for it to appear in the bank from that date.  We received a signed copy of the lease agreement on May 24th in the mail.  We knew nothing would probably happen over the holiday weekend, so we checked the status yesterday, and again we were told it was imminent.  And sure enough, that night our account balance went up dramatically. So we are very happy today.

The wait did seem like an eternity, but it really was consistent with what they told us from the beginning....and part of the delay was the filing of the bank draft, which was not really anyone's fault...just excitement about signing and trying to leave in time to get the kids to soccer!

We don't know if they will ever drill in our area.  We are just happy that we have a windfall that will take some pressure off of us.  We have had a lot of medical bills lately and are also trying to save for college....so this is a blessing to us.

Just wanted to share a postive story!  Hope others have these types of stories as well! 

 

 

 

 

 

 

 

 

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Permalink Reply by SBRW on May 30, 2012 at 1:35pm

What part of Butler/twp?  Just curious as I know some who have signed and are to be paid the beginning of June also from Butler.

Permalink Reply by HappyLeaser on May 30, 2012 at 1:41pm

We are Butler Twp but there are not many in Butler Twp signed with Shell.  Rex was signing a lot in Butler Twp. 

 

Permalink Reply by HappyLeaser on May 30, 2012 at 4:09pm

It was a bank draft, which was then paid by direct deposit.  Yes, we waited 6 months for payment.  But without the lease agreement we still would have waited 6 months....just not have gotten a big payment at the end of that time period.  Believe me, I have waited a lot longer for payment from clients than I have for this payment from Shell!  LOL!  But everyone is entitled to their opinion.  I just am happy about our current situation....we knew there was a waiting period when we signed and that was fine with us, especially when we knew the size of the payment.

Permalink Reply by Faith Johnson on May 30, 2012 at 4:20pm

So what number did you call? Thank you!!

Permalink Reply by HappyLeaser on May 30, 2012 at 4:54pm

I think my husband said there was a number to call on the bank draft.   

Permalink Reply by Faith Johnson on May 30, 2012 at 6:28pm

Ok thank you!!

Permalink Reply by HappyLeaser on May 30, 2012 at 8:44pm

You are welcome.  He actually just told me the number was on the cover letter that came with the bank draft.  They were very accurate with the information they gave us.

Permalink Reply by Kathleen on May 30, 2012 at 6:42pm
Congratulations! I'm so happy to hear it all worked out for and will give you some breathing room in life :0) and I hope they do drill to make it even better!
Permalink Reply by HappyLeaser on May 30, 2012 at 8:44pm

Thank you!!!  :-)

Permalink Reply by lynn on May 31, 2012 at 11:16pm

Thank you so much for your story Happy!  I was starting to get kind of lonely in being happy over the gas lease.  We had similar experience with chk-actually got paid faster than they said. There is no better feeling than having bills marked paid and being able to have a savings account that actually has something in it.   Congratulations to you and yours.  

Permalink Reply by HappyLeaser on June 1, 2012 at 7:26am

Thank you!  Congratulations to you too!  I figured I waited 9 months for each of my babies, I could wait 6 months for money to help put them through college!  :-)  And if they do end up drilling, it will be more financial security for my family. 

 

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