Replies to This Discussion

Permalink Reply by 1s7k1qp9wk1t7 on August 8, 2011 at 2:17pm

Here's my question.....how do you know when they are finally taking YOUR gas and oil and you are in line for royalties?.....additionaly how do you determine if you are actually getting paid EXACTLY what it is you are entitled to?

Permalink Reply by FXEF on August 8, 2011 at 2:49pm

After the well is completed and turned to sales, the O&G company will send a division order stating your proportional share of the unit. If you are in agreement with the stated share, follow the instructions in the letter. The first check may be for several months of production, just depends on how long it took them to get the first check out to you. You will need to review the check stub for monthly production and gas price. To be honest, you are more or less at the mercy of the O&G company.

Permalink Reply by 1s7k1qp9wk1t7 on August 8, 2011 at 2:54pm

ok...but unless the well is on YOUR acreage how do you know when your acres are finally being used and are part of a current production unit?

Permalink Reply by FXEF on August 8, 2011 at 3:00pm

Each state has different rules, but I think in most states the declaration of the unit is filed in the county courthouse.

Permalink Reply by 1s7k1qp9wk1t7 on August 8, 2011 at 3:01pm

ok....thanx!....kind of funny that everybody screams from the rooftops about getting the language of the lease correct when in the end you can't even be certain you are actually getting what you are supposed to :-)

Permalink Reply by Dan on August 9, 2011 at 8:00am

The better leases that I've seen have wording to cover those concerns.  They allow you to audit them to make sure you are getting paid correctly.  They require them to inform you when they are including you in a drilling unit, and provide the details.  Of course any permits filed with ODNR are publicly viewable, and the drilling unit plat map and a list of all the mineral holders is included with the permit documents, but you would have to keep checking to see when a permit was filed that included your minerals.

Permalink Reply by Marc on August 11, 2011 at 9:27am

The name I heard was Sirius (pronounced like "serious") Energy.  Do not know who they work for.  It was the first time I had heard that name, but I was told $4,250 as well.

Permalink Reply by TonyMik on August 14, 2011 at 6:53am

Earlier there is a thread about Hopedale and a signing opportunity for Harrison for larger amounts. Here is the link to the land man. http://www.nalsinc.com/Landowners.html

Meetings were held last week. No details on Gas Company. Appears they would also like to sign Belmont...Not many details on offer. The sample Ohio lease and addendum are in line with others but not sure what terms they are offering at the rumored much higher bonus and royalty amounts. Did anyone go to the presentations to see who the Gas/Oil company is?

Permalink Reply by Kristie on August 15, 2011 at 12:56pm

the name of company is Carrizo Oil & Gas, Inc. ( CRZO) that is the info that was given to me. Some counties are being paid higher than others. The 4250 was for select counties in Harrison County. Lower prices for Jefferson.

Permalink Reply by Josh on August 15, 2011 at 3:18pm

Make sure to read lease language, they advertise 30 day payment.  However that is 30 days after they do a mineral search, which could be 2 years from now. FYI

Permalink Reply by Josh on August 15, 2011 at 3:19pm

Jim,

 

Are you able to confirm that CHK offer you mentioned?

Permalink Reply by william on August 18, 2011 at 8:04am

Just got a call from Exxon this morning. They are now offering $3800 with an 18% royalty. Not sure what the lease looks like. I signed last week with CHK however for $3750 and 17.5%. Go figure. Looks like the price continues to climb!

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