Replies to This Discussion

Permalink Reply by Ed Whitey on May 8, 2012 at 1:08pm

I was at the mtg last night...here is my take.   he named three companies that currently run title searches for the o&g people.  he would use any or all to run the title searches (same as required by o&g)  the 3rd party investor would cover the cost of the title search- they would get paid from a %age of Des commission when/if a deal is made.  if landowner leaves group for another deal, landowner would be responsible for paying 3rd party investor for title search, otherwise the title fee would be paid out of the Des's commission.  downside:  100 acres * $50/acre = $5,000.  If you leave his group for another deal u would be responsible to pay. if you get another deal at $4,000 per acre * 100 acres = $400,000  what's the big deal in securing clear title for 5K?   he expressed this as one way to better market our land (clear title ahead of time, stronger commitment by landowner (not likely to bail out at last minute, o&g men will know up front exactly was they are getting for their money.  And yes, Des did ask for a show of hands how many people would be interested in setting this up.  the majority seen it as non-detremential to our interests.

Permalink Reply by 09bp5t05myjl3 on May 8, 2012 at 1:25pm

Ed Whitey, what was your personal opinion, Do you think that $5,000 for a title search is a good price, If so try calling a few attorneys in the phone book & ask them what it would cost for them to do it & that includes attorney opinion Or insurance which this doesn't,

   Do you really believe the Oil company is going to accept Des title report & risk their money when they all do their own titles and have Landmen on the payroll that do it all day almost everyday!

 is it worth $5000 to you if he never brings you a deal or you get a lease from someone else??

 

Also why is the payment method different in Belmont then Monroe he was very clear in Monroe if you dont get a deal you owe the Money for the search, if you sign with someone else you owe the fee for title & i Quote" if I get a deal the Oil company will repay the investor because they will run title & wont have to", Never heard comes from his bonus in Monroe? maybe I missed that but I doubt it.

 

Permalink Reply by Ed Whitey on May 8, 2012 at 1:46pm

not sure y it was different for Monroe county.....won't know for sure until we actually get a copy of the agreement and read it.  maybe he's modifying his strategy based on Monroe co reactions.  he also stated that u can still remain in the group even if you don't want to have the searches done ahead of time.  i can't believe someone's willing to put up the money if they don't expect a return (closed deal) .....as for the is it worth 5k?  5K/400K = .01%  maybe...  I also own acerage in another county...there are landowner groups that won't let you join unless you have clear title to the mineral rights.....they are basically asking the same thing......due diligance up front.  if you know what you have better bargining tool?

Permalink Reply by 09bp5t05myjl3 on May 8, 2012 at 2:10pm

Ed I also would  like to know what groups require you to due dilligence before joining, I have attended at laest 10 different groups meetings & not one required you to prove you have clear title & minerals??

Permalink Reply by Ed Whitey on May 8, 2012 at 2:22pm

it's the Whetstone Landowners Association in Morrow County....they have only met about 6 times over the last few months......this was the first one I've run across where they require the due diligence b4 you join the group

Permalink Reply by 09bp5t05myjl3 on May 8, 2012 at 2:33pm

Ed I don't know you & not going say you may have an agenda but if you really think this makes sense then I say god bless you, I hope it turns out well for you! Just do as he suggested don't sign a thing without your Attorney reviewing and approving @ those prices a lot of people don't need to sign up to make a nice big paycheck for someone! , if its paid for by Des from his bonus & he has the unnamed secret investor why do we need to sign an agreement?

 If as you say the investor wouldn't invest unless he knew there is a deal  then its a done deal, Des gets the deal the investor gets paid from Des's Bonus? again why are we signing a promisory note to repay the investor?

Permalink Reply by Ed Whitey on May 8, 2012 at 2:40pm

my agenda is eventually signing a lease.   I have been with Des group for almost a year now...very frustrating to say the least.....just trying to make the best decision for my family.....as everyone well knows this is NOT a fun process to go through.....too many ups and downs....by the way i'm not convinced that doing the title search up front is the right thing to do?????  more learning, thinking & decisions to come

Permalink Reply by AT on May 9, 2012 at 1:48am

Ed,

   I would tend to think that after almost a year a couple of words like "shyster" and "carpetbagger" would come to mind.

Permalink Reply by 09bp5t05myjl3 on May 9, 2012 at 2:41am

Ed I am now questioning your agenda, you stated a few posts back that the Whetsone group requires title search before you can join their group, Either you are fibbing or were fibbed to,

     I called Pat From Whetstone & spoke to him direct, they do require members own the mineral rights (Well Duh) but they do not require title search or title insurance in any way, in fact Pat said they have an attorney that is at the courthouse all the time & he will check title for free if members aren't positive,

  Pat also said he is a retired teacher and I quote him " Im a retired teacher not an atty or abstractor & I went & did my own title search just to be sure & its not hard at all"   He went on to say during his search he found some old leases that cost him $500 to publish to get removed and taht was the only cost, His words again "$35 to $50 an acre is ridiculous for a title search any one can do it just have to be careful" He also agreed  that he wouldn't expect the oil company to accept someone else's title without doing thir own before paying out millions of dollars. 

So I have to ask Ed are you a shill for the landman? are you on the payroll to help sell people on these titles? I don't know but sure have to ask? 

 

 

For more infor­ma­tion about the Whet­stone Landown­ers Asso­ci­a­tion, con­tact Den­nis Leader at (614) 657‑7122 or fearless@bright.net, or Pat Drouhard at (419) 864‑8641 or drouhard_p@treca.org.

Permalink Reply by Finnbear on May 10, 2012 at 1:32am

Nice research Tom. Its amazing how the story changes when one of us landowners actually does a bit of homework. The carpetbagger landmen go into hiding when presented with some real facts that can't be disputed.

Permalink Reply by 09bp5t05myjl3 on May 8, 2012 at 2:04pm

Ed want to know if you own your mineral rights without a title search for $5,000 on 100 acres , simply ask every landowner these questions

 

1. Have you signed a lease in last 10 years?

2. are there any oil or gas wells on your property?

3. are you receiving any royalty payments?

4. are you receivinfg any delay payments ?

5. are you receiving free gas for your house?

 

very simply if the answer is no to all these you either own your minerals or can recover fairly easily thru the dormant mineral act. I don't need to pay $5,000 to find out.

Permalink Reply by time will tell on May 10, 2012 at 1:52am

Finn , it's like turning on a light and those pesky little bugs run under where  they can hide. .

• ‹ Previous
• 1
• …
• 9
• 10
• 11
• 12
• 13
• …
• 16
• Next ›
• Page