Replies to This Discussion

Permalink Reply by Angela Smith on August 1, 2012 at 7:07am

I heard the same thing - patience.

Permalink Reply by Dee A on August 1, 2012 at 11:11am

Last night wasn't about the Washington Co., group though from what I was told when I asked.

Were direct questions asked them about the Wash Co. deals?

With another O&G company now included, I'm really trying to be patient, but it's hard.

Permalink Reply by Angela Smith on August 1, 2012 at 1:15pm

Dee,

There are no "deals" yet for the Wash. Co. group.  They have said that there are several O&G companies looking at the acreage.  Think of this process like selling a house.  The more showings you have, the odds of selling increase, but there is no guarantee that any of the showings will result in a sale.  So you want more O&G companies looking at the acreage - it increases the chance that an offer will be made.  Even if an offer is made, it may not be acceptable to the group.  Many of these offers have fallen through, even after the lease signing.  SEOLA has had a good track record of bringing their deals to a successful close so far, but there is always the potential for failure.  The time to pop the cork is when the check clears the bank. 

Permalink Reply by Dee A on August 3, 2012 at 8:03am

I should have used the term "possible" deals maybe.

Fully agree about the more the better, that's why I'm trying to be as patient as possible. I hear it's even more companies looking now. Each one that enters increases the possible bonus outcome but also slows the process down I would think.

Many of these offers have fallen through, even after the lease signing.

Angela, what deals are you referring to that have fallen through? Have any of SEOLA's proposals fallen through? I would think that one of the reasons SEOLA closes these is that they won't accept a proposal unless it's legally binding. I'll bet if you deal directly with a company though they'll build in language to help them back out.  

Permalink Reply by Sarah Corp on August 1, 2012 at 11:49am

I went to the meeting last night and it sounds as if we are patient good things should happen in the near future.  I am not a patient person by nature, but I have waited since November of last year so I will wait a little longer.  Best wishes to all.

Permalink Reply by Rose Moore on August 2, 2012 at 2:02am

My family didn't attend this one..did they give any kind of time frame?  They attended the one back in May, was there anyone who attended the May meeting and this one.  Just wondering if there was any new information in this meeting from the one they attended in May? 

Permalink Reply by Raf22 on August 2, 2012 at 2:06am

why is this feedback so vague and complicated?  either these guys have something or not.  Why do they require landowners to solve a puzzle.   Maybe they cant give out names, but you'd think they would have a better grasp on this stuff.

Permalink Reply by Dee A on August 3, 2012 at 8:08am

What else can they share? They have a certain number of companies looking and possible proposals from them on the way. They can't name the companies due to confidentiality. There are things that some of the landowners have been told but that's also confidential info that can't be shared beyond the group.

Permalink Reply by Steve Wagner on August 2, 2012 at 12:25pm

I was there. The meeting Tuesday night was more for "new members" than it was for members. I listened to the well updates and then I left when they started to go over the landowners agreement.

Permalink Reply by Rose Moore on August 2, 2012 at 12:30pm

Thanks for the update Steve, thought it was mostly for new members so my family didn't go. 

 

Permalink Reply by Dee A on August 3, 2012 at 8:04am

Any interesting well updates that you remember/can share?

Permalink Reply by Angela Smith on August 3, 2012 at 8:47am

Dee, The "reply" option under your post addressed to me above is not there so I am replying here.  Two deals that were signed but fell through come to mind:  ILG and Lensman.  Some O&G companies require that a certain percentage of the acreage included in the offer has to have clear title and/or sign in order for the deal to go through.  I don't know if SEOLA would accept such language.  As I said in my above post, SEOLA has had a  good track record so far but stuff happens. I'm as hopeful as you are that something will come soon.

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