Mark Leeds / XTO lease language......
This landman came in and signed some landowners in my area. I've read his lease and some things just don't sound right. The following bothers me the most:
Lessor's Covenants. Lessor hereby covenants that he is seized of an indefeasible fee simple estate in the land herein before described, together with all the underlying oil and gas, and that he will forever warrant and defend the leasehold estate hereby demised unto the lessee against the lawful claims and demands of all persons whomsoever, and that the lessee shall have the exclusive, full, free and quiet possession of said described premises for the purposes and during the term herein set forth. Lessor further agrees that the lessee at its option may pay and discharge, when defaulted, any taxes, mortgages, or other liens existing, levied or assessedon or againstthe above described lands, and in the discharge of any such mortgage, tax or other lien, any royalty or rentals accruing hereunder.
This sounds like much more than a Special Warranty of Title. Can these gas companies take more than just the oil and gas with a Lease? What are your thoughts on the above paragaraph? What is the landowner ACTUALLY signing away?
1. Reserve gas = 200,000 cubic feet per year. Most are 350k and/or a monetary value.
2. No mention of the word "Gross Proceeds" and when asked, he stated XTO wouldn't allow it.
3. $20,000 total for a pad site, includes 7 acres and can take additional acreage for $3k/acre, no limit.
4. Nothing for Workers Comp or Liability Insurance, Umbrella Insurance or Business Auto or Liability Insurance.
5. Nothing stating No Pits, No Compressor or Processing, No Hazardous Materials, No Disposal or Injection Wells.
6. Conveys all rights to drill and operate for oil and gas in ANY underlying strata....
Am I missing something? The landowners that signed this lease have been involved for almost a year and signed this lease without even having their lawyer review it, and they own near 300 acres!
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Replies to This Discussion
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Permalink Reply by Finnbear on
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Stark has Utica under the entire county. Wet gas in the east end and oil in the rest. Look at the map you posted a bit closer.
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Permalink Reply by time will tell on
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Are some of the people on this Belmont co . blog not landowners in Belmont co ? I think it's ok to raise the opinions and get all the facts to make a good decision . If you don't like what HMMMM says don't answer , myself he seems to bring good light to a number of things .
To those who like the law firms that has O-G members on the board good luck!
I will say it again LOOSE THE ARBITRATION CLAUSE . If the group representing you is a good as you think this should be ok . Like I said earlier I hope I am wrong and will be the at the front of the line to say I was wrong !!! I have been deceived by them before , not the ones in this play .
I am telling this because I am in a battle now and this clause is a ACE in the hole for them !!!
If it is the best deal going why not share ? That's like having a cure for something but not sharing it .
Wouldn't it be better to have more landowners that would = more money .
That makes me say HMMMM no pun intended .
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to break the vail of arbitration is next to impossible , hopefully this never becomes a issue .
I do wish all the best on there deals and am only trying to prevent a repeat of what I have had to go threw .
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Permalink Reply by HMMMM! on
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Snake bite, I guess you didn't read your freind Tom's questions about details of my lease, oh that's right, only people who didn't sign with Lensman should put details of their deals on here!!!!! Just some more personal attacks from the Lensman people, nothing new!!!!!!!!!!Actually i was in your mom's basement last night........As i said before, way to easy!!!!!!!!!!!HMMMMMMMMMM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P.S. Thank her for me!!!!!!!!!!!!!!!!
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Permalink Reply by HMMMM! on
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I believe he started with the insults first time he posted here, funny you can post insults, but still no answers on why you would spout to the world how great Lensman and you yourself said they are still working on your deal!!!!! Last time i checked Monroe was directly SOUTH,(hence "southern breeding"), of Belmont you idiot!!!!!!! Again, every time you post you prove how uneducated you are, what moron be referring to a northern county and mention southern breeding?????? Again, way to easy!!!!!!!!!!! Call it a night Tom!!!!!!!!!! Oh and by the way you still haven't told me what lies i've told either, oh that's right code of silence with Lensman!!!!!!!!!!! Please stop i'm starting to feel like the bully picking on the slow kid at school!!!!!!!!!!HMMMMMMMMMMMMMM!!!!!!!!!!!!!
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Permalink Reply by 09bp5t05myjl3 on
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Yea everyone on her are for lensman and back again to I'm promoting lens.an you really are slow
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Permalink Reply by HMMMM! on
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Again no answers on why you would spout to the world how great Lensman is and you yourself said they are still working on your deal!!!!!
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bAHAHAHAHAHA, I'M DONE WITH YOU ALSO YOU CAN TALK TO YOURSELF ANYONE READING THIS CAN SEE YOUR AGENDA!!!!!
STILL WANT TO SEE THAT GREAT OIL COMPANY LEASE YOU SIGNED THOUGH, i REALLY DON'T CARE ABOUT YOUR GREAT DEAL WITH LEEDS, HOW ABOUT THIS BLACK OUT THE BONUS AMT, BLACK OUT THE ROYALTY %, BLACK OUT YOU NAME & ADDRESS & POST THAT GREAT LEASE YOUR LOCAL ATTORNEY SAID WAS A GOOD LANDOWNER FRIENDLY LEASE FROM THE LANDMAN LEEDS.
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Permalink Reply by HMMMM! on
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Again no answers on why you would spout to the world how great Lensman is and you yourself said they are still working on your deal!!!
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