Rice signing bonus received

Started negotiating with Rice in January on a gas lease. Received  bounus check today as stated in the lease agreement. Rice was a fair company to deal with compared to others  leasing in our area. Can't share lease information because of confidentiality clause but if you have other question I would be glad to answer them.

To protect yourself before you sign a lease I recommend you first learn about the whole gas leasing process and, A MUST,  have an experience gas attorney on your side.

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Permalink Reply by Finnbear on June 20, 2014 at 3:50pm

Those from Greene county who were not paid, was their title clear?

Permalink Reply by Finnbear on June 20, 2014 at 3:48pm

I'd like to hear from any Smith-Goshen member who signed with Rice, had clear title, and still was not paid. I'm not aware of anyone from the S-G signing whose title work came back good but didn't get paid. I believe that would have violated the deal the S-G group had with Rice.

Permalink Reply by catt on June 19, 2014 at 1:58am

Terrance.....we leased only the Utica and Marcellus.

Permalink Reply by Gunner Ostergard on June 19, 2014 at 3:09am

Just my opinion on paying for any attorney.  Get as educated as you can before you ever speak to them,  and narrow down exactly what you what them to do for you.  They think because you have gas money they can charge you obscene amounts of money to explain to you simple ideas.  Get educated, get first hand opinion of the lawyer,  hold onto your wallet and then make an appointment to go see them with pen and paper in hand and take notes.

Permalink Reply by Terrance Livingston on June 19, 2014 at 2:06pm

 Thanks everyone for your valuable input. I appreciate the information and various thoughts and ideas because I don't  want to make any decisions that I'll live to regret later. If you have any other suggestions please don't hesitate to post them! 

Permalink Reply by Curtis Huffman on June 20, 2014 at 6:33am

Well, i signed a lease 17 Sept 2013; payments were to be made in Dec and again in Jan, over two tax years for that purpose.  They missed both of those dates.  The 90 banking drop dead date of Feb 20 came and went, once again without any money.  The company will not answer my inquiries; and when I do get ahold of the "supposed guy" who is working my case, I get nothing but total horse shit. So, RICE is now 120 days late; and if I had the money invested at a competitive rate., well, I have lost tens of thousands of dollars.  Of course, RICE keeps their venture capital in an interst bearing account and pays late.  They employ a constant delay and deny strategy; not only in lease payment, but also in a few of their other financial responsibilities.  Oh well, it's only money; i still have my minerals, and i still have my sanity.  This is in good ole Greene County where Rice has a few wells and has some satisfied people, and just as many people who question their business practices.

 

Permalink Reply by Finnbear on June 24, 2014 at 1:23am

The lease you signed with them is obviously no longer valid. Move on and lease with someone who does want to lease your land.

Permalink Reply by Xfinity on June 24, 2014 at 8:06am

Curtis, was this through a broker? Have you tried to contact Rice Energy directly? I called into the main office requesting an update on my bonus. I called the 1-855-BLU-TEAM and was patched through to the Rice Energy landowner hotline. The person I spoke with documented my questions and concerns, and then gave me a case number to follow up. I was contacted shortly after by an employee in the land department. We had issues with an old well on an adjacent parcel which somehow still affected our property, and a partial reservation of the oil and gas rights. After a few calls back and forth and a few executed affidavits, I had a better understanding of the title issues that were holding up my bonus. We received our bonus afterwards

Just a thought

Permalink Reply by jason irvine on June 20, 2014 at 6:56am
If I were to employ a attorney to review and or represent me in the matter I would want someone who is familiar with the industry. I would also try and find someone in the general vicinity as they are aware of the local land value plus they live in the area and have to see the locals at church etc..... it wouldn't hurt if they owned land themselves and signed a lease. Still always remember they are representing their wallet first and foremost. Keep a good eye on them and don't let them push you to agree with reasonable supporting info. Best wishes.
Permalink Reply by Terrance Livingston on June 21, 2014 at 2:27am

Thanks

Permalink Reply by justme1 on June 24, 2014 at 8:27am

Was your "pay by date" 120 business days, anyone?

I should have my lease to sign this week and am thinking I'm near the deadline to either receive the bonus this calendar year, or wait a month or so before I turn it in to Rice and get in in January. I'm not sure how quick they are, or if there will be any title issues.

I'm kind of on the fence on when to submit it to them.

Permalink Reply by Xfinity on June 24, 2014 at 9:09am

Why not just ask Rice to hold payment until 2015?

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