Getting lease check on time?

Can anyone give info as to How Cheasepeake Oil pays it's Lease checks? On time, late, etc.

Has anyone had any problems yet?

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Permalink Reply by mike on November 25, 2011 at 12:06pm

I have leased with a 1 property with them and it took a round 75 days to get paid they had 90 days to pay

Permalink Reply by Charles Corliss on November 26, 2011 at 3:12am

I have one lease with Cheaspeake, I had them pay me over 3 years.  The last two years have been before the time due.  Just signed another with Stone Energy, its been about 30 days over the 90 days promised, still waiting.

Permalink Reply by E Hickle on November 27, 2011 at 8:54am

Leased to cheasepeake and just got the check 1 month early!!!  have 300a 4,950.00 @19%

Permalink Reply by Jim Litwinowicz on November 27, 2011 at 10:41am

E Hickle; Have any daughters???

Permalink Reply by wendy on November 27, 2011 at 11:21am

i had a lease with them.  2 parcels on 1 lease.  i didnt own mineral rights to 1 and they have a statement in the lease that allows 45 days for you to try to get mineral rights back through OHIO DORMANT MINERAL ACT. (may differ for each state) the 2nd parcel i owned mineral rights to but did not receive a check from them until 12 days after their deadline on lease.  the other thing is chesapeakes lease  stated we would receive signing bonus within 90 days of signing lease.  when asked about this, the reply was -145 days from date i signed.  then an attorney told me it goes by the date chesapeake signs the lease.  ive read my lease over many times and i dont know where any of this came from.  very confusing!  if anything like this happens to you i suggest you get an attorney who is knowledgable in gas & oil leases to help you.

Permalink Reply by Tony on November 27, 2011 at 11:43am

I signed on 9/12 with CHK. They told us up to 120 days calender days for reciept of signing bonus. I went on county recorders website and see where they filed the lease on 11/16. Our attorney told us to expect a check soon. We shall see....

Permalink Reply by Lynn mudder on December 9, 2011 at 2:16pm
We told them to do our title work first, and they agreed. Met at our attorneys office, signed the lease and they handed us our check, no problem!
Permalink Reply by TreeMom on December 10, 2011 at 12:38am
I leased with Gulfport, they extended for 10 days, from 60 due to slow title work then paid on day 70. Then the bank makes you wait about a week before a big sum like that is released.... I have my money but still can't spend it!

What are people doing with the money they have that they will have to give the IRS , short term cd or tbills? I want to make a little money on that before i give it away.
Permalink Reply by Mike h on December 14, 2011 at 3:31am

I bought a new tractor to take advantage of the 100% Bonus Depreciation that goes away at the end of the year (50% depreciation is available next year).

Permalink Reply by Doc on December 11, 2011 at 1:45am
XTO paid full amount well before deadline. Payment was a check, not a draft. Large check, deposited on Saturday, funds available on Wednesday.

Pay attention to FDIC protection limits. Move money to different banks to stay under insurance limits. Good luck earning much interest in anything secure.

If you do not qualify for farm related expenses off of the top, hold 40% for local, state and federal taxes. Pay local and state before 1/1/12 for the deduction on federal taxes. Pre-pay any deductible expenses like property taxes. Make contributions to retirement funds that postpone taxes to later period. Talk to a financial advisor you trust. Develop an estate plan and update your will.

With large payments forcing maximum federal taxes, this is the best time to give to church or charities.
Permalink Reply by Brian Ulrich on December 11, 2011 at 3:57am

David,

    I woke one saturday morning to the knock of a landman on my front doorstep with a copy of a contract in hand to lease the 25 acres I own in Bradford County, PA.  After one month of getting things in order, I called to sign and was informed that he was moving on to another area and not handling my lease.  A few days later, was contacted by phone by another landman (same company), who informed me that he was now handling the lease for my property.  The next week I was in Towanda, PA and stopped in CHK's office to see if these people were legitimate, which I was told they were.  I asked at this time if there was a way to deal directly with CHK and was told "No, there are 38 thousand landowners in Bradford County, and we sub out the signing of leases."  Anyway, signed the lease the 6/10/11 and it was registered in the Courthouse 6/13/11.  Met still another landman in Williamsport 11/3/11 to sign a subordination of mortgage and was told the check would be in my hands in approximately one week.  It is now 12/11/11 and I still haven't received a dime.  Repeated calls and e-mails were ignored until I contacted landman #3, I then received three calls in one day and was told as soon as they received the signed subordination from the bank, they would release the check.  Still waiting........

Permalink Reply by Albert Tischler on December 11, 2011 at 7:46am

Bonus Checks :

Almost every one who signed with Sickler Law Office LLC   located in Cauldwell got checks the next week:

     $ 2750.00     /    18  %       w/    $ 1500.00    free gas  per month

Talk to :  Clifford N Sickler ,  Attorney at Law

                 ( 740 )  732 1495                                                 Happy Customer ,

                                                                                                  Al Tischler        Sparrow Hill Group LLC

                              

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