Really disappointed about signing with M&P lawyers and Co-exprise!

I signed with M&P lawyers in Oct. of 2011. Signed for a 90 day extension in Jan. of 2012. These lawyers at that point joined back up with Co-exprise and increased their fee to $250 per acre. Supposed to be paid by Hilcorp by April 15th. Called M&P on Friday and was assured that a check would be here Monday. Now it's Monday, and of course, no check. Most of my neighbors that signed with Hilcorp on their own got paid. It's very frustrating!!!

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Permalink Reply by Samuel J. Orr on April 22, 2012 at 8:31am

 Reply to Tim R: You refer to the friendship lease and the SURE lease with the implication that they are good leases. Can you refer me to where I might get a copy of each of those leases. If and when I am lucky enough to get a decent offer, it would be helpful to perhaps look at those leases for language that I as a landowner might be able to negotiate into such lease as I might sign. Thanks in advance for any help.

Permalink Reply by Tim R on April 22, 2012 at 9:31am

You can just Google them.  But below are links.

http://www.alov.us/

http://www.thefriendsvillegroup.org/lease.pdf

Study theses two leases VERY CLOSELY and then look at what was offered by the "landowner group" (and I use that term loosely) in Mercer County.  You be the judge.

Permalink Reply by Samuel J. Orr on April 22, 2012 at 10:20am

Thanks Tim for posting this. It may be helpful to me and to a number of others following this discussion. Perhaps M&P will also read it; and perhaps not. At least thanks to you there are now two references where landowners can find info to help them look out for themselves.

Permalink Reply by Billy Park Whyde on April 22, 2012 at 10:57am

Tim ty every lease that pops into a land owners view here is a education for a landowner. 

Permalink Reply by Tracy on April 22, 2012 at 11:19am

Thanks for the info. Tim. After reading the Friendsville Group lease, I'm extremely disappointed in signing with M&P and Co-X group.

Permalink Reply by Mike C. on April 22, 2012 at 12:23pm
Rule of thumb for those that may not know how to read a lease, the heavier the lease the more likely it is to contain many more specifics hence generally speaking a better lease. It is quite rare to find a three page lease that is better than a 10 plus page lease even if the numbers are larger in the three page lease.
Permalink Reply by Mike h on April 22, 2012 at 1:48pm

Samuel,

You are unlikely to be able to negotiate all the terms in the group leases if yo are negotiating on your own. We had 10,000 acres (in Carroll county) in the Sure Group and I believe the first ALOV group was 70,000 acres (spread across 5 counties?).

 

I probably could have gotten a larger signing bonus if I hadn't gone with SURE and signed with REX but I don't think I would have gotten the other terms as landowner friendly as I did.

Permalink Reply by petej on April 23, 2012 at 8:38am

The last page on this discussion has been very helpful. As an unleased landowner I thank you all.

Oh, where did Jim L. go?

Jim L. , I have followed most of your posts and believe you have been very honest and provided a ton of valuable information. However, once other lease details become available for compairison and you are not here......

 

Permalink Reply by Tim R on April 23, 2012 at 11:17am

This information was readily available.  The Friendsville lease I believe is 2 1/2 years old.  Those people put together one hell of a group, I give them credit.  Even though ALOV has been criticized they got a way better lease from BP than this, I give them credit too.

Here is another link for those who want more information.  It's a simple lease checklist from the Texas Land and Minerals Association.

http://www.tlma.org/oilgasleasechecklist.pdf

Many of my neighbors signed even after trying to educate them.  It is a shame Mercer County didn't develop a real landowner group instead of an astro-turf one.  This so called group was an out of town company coming in and getting people to sign a legal contract for them to represent you.  Their incentive was to get commissions, unlike a true landowner group like the one in Venango county made up of actual landowners.  If these guys had a lease like ALOV or Friendsville they would be worth every penny of their commission.  If you compare the Hilcorp lease to the Co-x, how much work did they actually do?  To me it appears they spent a lot more time marketing their services than they did negotiating a lease. I urge everyone to read both leases and decide what the difference is worth.  I'm not faulting them, they are businessmen making a buck, and it is what it is.  Given the two similar leases I would pick the one direct with the oil company and skip the commission.

They say this is a "landowner friendly lease".  I would be willing to discuss with Jim L., or any one else, any section in the lease and when compared to true landowner group leases it falls short.  It doesn't even pass many on the items in the checklist I have linked above. 

If there is enough people in Mercer County not leased maybe we should start a group?

Permalink Reply by Samuel J. Orr on April 27, 2012 at 8:41am

Tracy: Could you post whether or not you have received your bonus money? Seems this thread has more or less died out. I am not a defender of M&P  but if indeed you have gotten your money, then I would guess that you are now a lot happier. Hope that my assumption is correct. Best wishes.  

Permalink Reply by Tracy on April 27, 2012 at 9:22am

No, unfortunately, I am still patiently waiting. I plan on waiting until May 1st, and then M&P will get another call from me. It is clearly stated in my lease that if payment is not made after 20 days from the expiration date that I can then look for someone else to lease with. They haven't filed their lease on my property at the courthouse yet either.

Permalink Reply by Samuel J. Orr on April 28, 2012 at 3:23am

I still think you will be ok. I have a fairly large piece of land near Utica in Venango County  but haven't received any real offers yet. So you are in a lot better position than I am.  I do appreciate your postings and wish you the best.  

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