Hilcorp updates??

Ok I did the HUGE leasing event in Lawrence Co. back in September with Hilcorp.  We actually got a letter in the mail from Co-Exprise stating that once our bank info was faxed our lease check would be wired.  Now what??  Yah, we have a nice sum in the bank now, but do we get notified somehow if Hilcorp is going to drill on our land? How do we know what's going on?  I google "News updates on Hilcorp" and get nothing recent.   View points please!

 

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Permalink Reply by Mike h on November 23, 2011 at 4:39am

Hilcorp is soiciting landowners in Carroll County as well. I received a letter from them on Monday.

Permalink Reply by Craig Stull on November 25, 2011 at 12:23pm

Glenn, Can you name me one disenchanted ALOV member ? I see you are very quick to jump to conclusions. If you would follow the trumbull thread, The people that are strirring the pot are flippers and maybe there was one nervous Nellie that is not an ALOV MEMBER. Have a good day.

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on November 25, 2011 at 12:56pm

I only know what I read on your threads. I ain't blind and sure as hell ain't dumb. Good Day.

Permalink Reply by Craig Stull on November 25, 2011 at 1:26pm

Your a real piece of work!! L.o.L.

 

Permalink Reply by ryan norris on November 27, 2011 at 4:02pm
I spoke with Ron this past wednesday, he said companies aren't sure what is inTrumbull county. I would like to sign sooner rather than wait until fracking is banned.
Permalink Reply by Tim R on November 23, 2011 at 10:27am

The lease Hilcorp wanted me to sign defined "production" as: "...the underground storage of gas or for the protection of stored gas".  Yikes, I see that as held forever even if they never drill.  Also the water protection clause said "If said fresh water source is rendered unusable as a DIRECT RESULT of Lessee's operation..."   Yeah, go ahead and prove they did it.  The royalty is supposed to be gross (the word gross never appears) and the way it is worded leaves a lot for interpretation.  There is lots more but you get the idea.   All my neighbors signed, all they could see was the bonus.   I didn't sign but am now sitting in the middle of this and not sure where it leaves me with less than 50 acres.  I suppose I might get nothing nothing in the end but just can't sign such a lease.   Any thoughts on my situation would be appreciated.

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on November 23, 2011 at 10:44am

All I can say is see if someone can show you a copy of one of Hilcorp's Lawrence County Pa Leases. I hear they gave these folks good addendums. Maybe , if you are a keystone in this unit , Hilcorp will deal with you. Good luck. You may be in a good position I hope. Are you in Ohio?

Also , are you sure there was no list of addendums (which supersede main body language) that clarified , for example , no storage , and another defining royalties as being without deduction?

Permalink Reply by Finnbear on November 23, 2011 at 11:02am
The lease body probably did say that. What did the addendums say? They should have covered all the garbage that was in the lease.
Permalink Reply by Tim R on November 23, 2011 at 11:09am

There were addendum's but they did cure any of the most egregious language in the lease.  Even worse the fresh water and royalty clauses I mentioned were in the addendum! 

Permalink Reply by Jim Litwinowicz on November 23, 2011 at 1:46pm

The lease offered by the landmen for Hilcorp is different than the one that was negotiated by the Mt Jackson group. I haven't seen a copy but have been told of several differences between them, sometimes including the bonus and the royalty numbers. Differences include no storage of gas, presumption of guilt for material adverse affect on water quality or quantity, no foreign pipelines, a good Pugh Clause, and more.

Would love to see a copy if anyone has one and is willing to share!

Permalink Reply by Dale Ross on November 27, 2011 at 4:30pm
JRA,
Am I reading this correctly that you did indeed receive & deposit your bonus check from Hilcorp Mt Jackson group)? I have been wondering if people are receiving their checks. Nobody I know including myself, has yet. Their original claim of 60 banking days will be up on December 6th. I want to know how long they may take? Does anyone know or have an idea if they typically take longer? Can they legally take as long as they like, or is there a timeframe? Not that it is a huge deal, but two things make me a little nervous; first could they not decide to simply not pay and release me from my lease? And two, because they gave that time frame, and it ends a coue weeks before Chrismas, I kinda made some plans based on that. Again, I'd have been fine with it being later, but really wish they would have verbalized that better, or even wish that they would give us some info/updates if they see that they will not meet this deadline. Anybody know any details???
Permalink Reply by Tim R on November 28, 2011 at 3:24am

Dale,

You probably signed an "Order for Payment".  It probably said something like: "subject to....due dilligence deemed necessary at the discretion of the Lessee,...."  So they can do anything they want.  It probably goes on to say: "No default shall be declared for failure to make payment until 20 days after written notice from Lessor....".   When they showed that to me I read it as they can hold your property for 18 weeks while they decide what to do.  Maybe try and flip it with no money invested?  I feel a good lease should be binding to the Lessor contingent on the title work.  They want it both ways.  They want you locked in but leave themselves an out, for any reason or no reason at all.  Anybody out there have an opinion on this?

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