Replies to This Discussion

Permalink Reply by William Ladd on October 21, 2010 at 1:09am

Sounds like a great idea Ann

Permalink Reply by Lynn Wigglesworth on October 21, 2010 at 3:11am

I've heard of people demanding payment at signing...all the title searches, etc. have to be done ahead of time. I don't know how many companies would be willing to do that....they'd have to REALLY want your property!

Permalink Reply by Ann Ticopa on October 21, 2010 at 4:19am

I don't expect any significant changes as long as what the gascos are doing is working for them.

Permalink Reply by paleface on October 21, 2010 at 4:49am

If you think about it your gas lease is worth more than your serfice worth of your land, house, barn, acreage and if you sold your land and house you would never let someone take ownership without payment,we are signing over something thats worth more than your house for no secured money?

Permalink Reply by Lynn Wigglesworth on October 21, 2010 at 5:02am

Well, they can't set foot on your property or include you in a unit until they pay you the promised bonus, so it's not like they are getting anything for free. A little 'earnest money' up front would be nice, though, for tying up your property. Even East has included a new clause in their lease that says that if they don't pay you in 90 days, the lease becomes void. I know that last time they didn't pay, that clause wasn't there, and the landowners were in limbo...no one knew what their legal rights were.

Permalink Reply by Ann Ticopa on October 21, 2010 at 4:30pm

Lynn - Have run out of "Reply ..." so this reply isn't in the right place.

Just because they "can't set foot on your property ...", it doesn't follow that they won't. Even if I had signed a lease before East's contractor trespassed and marked my property for seismic shotholes, it would have been months before I *might* have gotten the bonus payment.

Yes, I did see the "null and void" sentence in the Bonus Consideration paragraph of the lease East was using earlier this year. But later in the lease, is "(15) Default - No default shall be declared against the Lessee for failure to make payment or perform any conditions provided for herein unless the Lessee shall refuse or neglect to pay or perform the same for 60 days after having received written notice from the Lessor."

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