WARNING: Beware of Vortex Energy LLC. See thread that I started on Tyler County GMS site. This company is a shell company with few if any assets. It was only formed in June 2013 and has no telephone number, no financial history, no history of drilling wells, and no ability to drill wells. Attorney John Wells and SOEC tried to get people in Ohio to sign leases in favor of this zombie shell company but were unsuccessful. Wells and SOEC got landowners to sign leases with a similar zombie company named DUX. None of the leases were paid. The Vortex roadshow has moved to West Virginia. If you search the GMS website for the words "Historic failure", you will learn all you need to know because there are multiple postings that should tell you to run as fast as you can away from Vortex Energy LLC.
We have a proposed lease in hand for 61 acres on the Tyler County line. The offer is $1000/acre and 14%, with a post-production expenses paragraph. Are we being low-balled? And should we counter with higher bonus and royalty numbers? I have an oil & gas attorney friend here in Mississippi who advises that we should hold out for a much higher royalty, maybe 20-25% and "not burdened with processing and transportation expenses." But he's not sure if that would be workable in West Virginia.
Samuel J. Orr
WARNING: Beware of Vortex Energy LLC. See thread that I started on Tyler County GMS site. This company is a shell company with few if any assets. It was only formed in June 2013 and has no telephone number, no financial history, no history of drilling wells, and no ability to drill wells. Attorney John Wells and SOEC tried to get people in Ohio to sign leases in favor of this zombie shell company but were unsuccessful. Wells and SOEC got landowners to sign leases with a similar zombie company named DUX. None of the leases were paid. The Vortex roadshow has moved to West Virginia. If you search the GMS website for the words "Historic failure", you will learn all you need to know because there are multiple postings that should tell you to run as fast as you can away from Vortex Energy LLC.
Jan 21, 2014
Richard Phillips
We have a proposed lease in hand for 61 acres on the Tyler County line. The offer is $1000/acre and 14%, with a post-production expenses paragraph. Are we being low-balled? And should we counter with higher bonus and royalty numbers? I have an oil & gas attorney friend here in Mississippi who advises that we should hold out for a much higher royalty, maybe 20-25% and "not burdened with processing and transportation expenses." But he's not sure if that would be workable in West Virginia.
Aug 31, 2014
Jim White
Companies are offering 4 to 6 times that bonus and much higher royalties in that general area. Get yourself a local attorney.
Sep 2, 2014