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.
Those from Greene county who were not paid, was their title clear?
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.
Terrance.....we leased only the Utica and Marcellus.
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.
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!
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.
The lease you signed with them is obviously no longer valid. Move on and lease with someone who does want to lease your land.
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
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.
Why not just ask Rice to hold payment until 2015?