Replies to This Discussion

Permalink Reply by Billy Park Whyde on June 1, 2012 at 2:20pm

William you stated "You can believe what you want but gas companies are taking out mortgages or assigning leases to others .

1. Now explain to me how you can take out a mortgage on a property you do not own.

2. Assigning  you mean reassigning a lease? The practice is legal unless a lease prohibits it. 

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Permalink Reply by Moe on May 31, 2012 at 1:51pm

Well, even if it is simply a statement regarding the day of the week upon which he is being confronted, it will be one more fact than he has in his quiver.

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Permalink Reply by Sherre Boyanowski on June 2, 2012 at 6:29am

As explained to me from somebody in the O&G industry for more than 35 years, the O&G companies mortgage their assets for these loans. Any piece of equipment or any piece of pipe in the ground is an asset. Because the asset my be located on your property, your property is listed on the mortgage. I will ASSume that my lease is also an asset and may be mortgaged. Leases are swapped all the time all around the country. They may swap a lease in NEPA for one in Texas if both parties agree.  It upset me too when I saw my name on a Mortgage in Susquehanna County, but finding out that it was not my land, but only the O&S company's assets under my land that is mortgaged made me feel better.  I would have felt much better if the O&G company had told me themselves instead of having to go to a third party to have it explained to me.

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Permalink Reply by kris miller on June 2, 2012 at 11:23am

Here in wv chesapeak is selling leases to range and cnx "consol" they owe goldman saks 4 million dollars and cant pay. Also some board members were to be paid large amounts of money by now they dont have the money.Article was in our local paper wheeling news register and i found the same online. i feel i sold my soul when i signed

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Permalink Reply by Bill F. on June 4, 2012 at 1:01pm

Kris your not alone on this assumption !There are many people that feel the same as you .

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Permalink Reply by Bill F. on June 4, 2012 at 12:58pm

Sherre I had a special lease with a clause that states leasee can not place any encumbrances on the leased premises and yet they did it ! the definition in the lease states encumbrances as :mortgages,liens etc.The lease were bundled so no one picked up on it until I did.This is in the process of being corrected !

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Permalink Reply by Moe on June 4, 2012 at 1:35pm

BTW William,

I neglected to mention in my earlier post that, if you think bankers are intelligent and well-informed people, you are wrong. In my experience, all they know how to do is to compare your financial documents with some form of data that is provided to them and they simply compare numbers, ratios, etc. Having any ability to review and analyze the contents of any written documents, particularly ones that involve legalese, is way beyond them. They are also good at requesting and filing documents that they spend no time analyzing, just to have them in a file when a bank examiner requests them during a regular review of the bank.

When I was a young man I had great respect for them on account of their positions. As I had to interact with and rely upon them for various business activities, I learned the realities that I just expressed.

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Permalink Reply by Bill F. on June 5, 2012 at 3:06am

Moe I am well aware of the qualifications of bankers ,lawyers and accountants !I have have dealt with them numerous times ! Am in the process of having this resolved (I hope ) .If I had a lease without the mentioned clause I know I would be screwed ,but we specifically had a clause added and they didn't even consider it ! People need to know what they are dealing with when leasing their land .I've  learned quite a bit !

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