Signed with Shell

I have learned that the lease I signed with Shell was filed at the Lawrence County Courthouse on March 22, 2012.  As of this date I have not received my bonus money.  Is that normal? When should I start to worry ? I figured since it was recorded over three weeks ago I would have been paid by now.  

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0l1a6laz7smpfPermalink Reply by 0l1a6laz7smpf on April 16, 2012 at 6:15pm

You should contact them.   I think it took about 4 to 6 weeks to get paid but it was another oil company.   Also they have to record the lease and to make sure there is proper title.   So the time you have stated isn't that out of ordinary.   be sure to copy your check and all documents and keep in file cause they usually do not record the payment of the bonus in the county record nor the paper that was signed with the bonus amount. that is an important document and if there is a renewal with same pay bonus at end of primary term then having that record and copy of check is important.

congrats...sure it was quite a challenge to get thru the lease process.

Permalink Reply by JDM on April 17, 2012 at 12:01am

What kind of bonus and royalties did Shell give you?

Permalink Reply by Drew on April 17, 2012 at 6:06pm
Royalty was 18% with no deductions.  Bonus was $3250.  Just waiting for the prize. 
Permalink Reply by Drew on April 17, 2012 at 6:07pm
Royalty was 18% with no deductions.  Bonus was $3250.  Just waiting for the prize. 
Permalink Reply by JDM on April 17, 2012 at 11:20pm

Was there any clause about enhancements in your 18% royalty with no deductions?

Permalink Reply by bo boboski on April 17, 2012 at 11:22pm

Over Here in Eastern Ohio, Shell came in last October & leased up a bunch of acreage. Gave us all a Bank draft for the signing bonus that had a 120 "banking days" expiration date on it. It's been 185+ actual days now & everyone is still waiting. Word is; may be very soon, but could be close to the day it expires. I guess in 6-1/2 months; banks take off 67 days!  Good place to be employed!

Permalink Reply by bo boboski on April 17, 2012 at 11:29pm

Over here in Eastern Ohio, Shell came here last Oct. leased up a bunch of acreage, gave us all Bank Drafts for the Bonus $$$. The draft had a 120 "banking days" expiration date on it. It's been 185 days noe & we're still waiting for the drafts to be honored. I guess the word is that they will wait till the last minute, which amounts to about 187 actual days. Very soon! Wow, banks take alot of days off!  67 days in a little over 6 months!

Permalink Reply by Faith Johnson on April 18, 2012 at 3:03pm

Does the 120 banking days start on the day the lease was signed?? Mine is dated Nov 21st 2011 am i getting close yet?? LOL

Permalink Reply by bo boboski on April 18, 2012 at 10:17pm

Faith, I was told 2 answers to that one. #1. the time starts the day you turned over the draft to the bank, regardless of what date is on the draft. #2. the time started the date on the draft. From what I'm hearing from people who called the issuing bank, Amegy Bank, who know exactly when each draft expiration date is, I think it's #1. You received a letter with your draft,instructions for what to do with it. That letter has a phone# for Amegy Bank in tx. The nice lady who answers the phone is very quick supplying that date . All you need is to tell her the amount & your name , & boom ,there it is!. It like,they're sitting there with Shell's $$$, ready to send it out,but were instructed to wait until the expiration date on each draft before it's sent. Don't blame em, can you imagine how much interest they're drawing each day on that $$$ ?

Permalink Reply by Faith Johnson on April 19, 2012 at 3:36pm

I talked to Shell today and she said it goes by the date the lease was signed she told me end of May for me!!

Permalink Reply by bo boboski on April 19, 2012 at 10:39pm

Dam; So how many "actual" days does that come to? When you consider weekends & holidays not counted, It only comes to 158 days ,in 6 months, but the bank is saying 187 days?

Permalink Reply by Tom Essey on April 20, 2012 at 3:48am

pull a calendar out and start counting. i signed october 26, draft went to the bank october 28, so my 120 banking days comes to april 23.

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