Rice Energy fails to pay bonus money on Greene County Leases
My concern is that they were signing many leases just prior to the IPO being offered, and that they were racking up acreage to make acreage of leased property high; since typically companies are valued based on number of acres under lease and number of potential well sites. I am concerned that they may have entered into these leases with no intention of following up with payments just to pump the IPO price.
I am writing for two reasons. First to warn anyone potentially considering leasing to Rice to proceed with caution. Second, I find it hard to believe we are the only ones in this situation. I am curious to know if others are having similar problems.
We plan to file suit soon, and a complaint with the SEC. If anyone is interested in joining in you can respond or personal message me.
Views: 11953
Replies to This Discussion
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Permalink Reply by catt on
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Just ask them to release your property and lease to someone else. Once the lease goes over the time stated it is usually void unless they ask you to sign the lease stating that they went over the date.
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Permalink Reply by DONNA M SELLERS on
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Rice bought our leases in Greene County off of CHK and Statoil in Aug. 2014 so far they seem to have done things to our 2 production and payments we have received from them that is very questionable...??? We have emails into them and have not heard back yet. I am so tired of dealing with all this I believed that when CHK and Statoil sold us things would be better with Rice, their statement to use that we are part of their family now is yet to be seen....
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Permalink Reply by Barry D on
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I'm surprised that your attorney has allowed this to continue.
Why not send a registered letter asking for immediate payment, wait 60 days then send another letter stating that the lease is void?
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Permalink Reply by S S C on
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It is disturbing to hear that Rice isn't honoring its offers but important to know. Thanks for posting.
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Permalink Reply by Jeff Kerr on
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there all crooks E-MAIL your congressman squeeky wheel get the grease.
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Permalink Reply by DONNA M SELLERS on
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Jeff...I take it you haven't heard back from Rice. I haven't either...!!!!
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Permalink Reply by EWK on
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For what its worth, Rice presented a check to the Belmont county commissioners about a month ago. Things are different here in Ohio? PR stunt? Dunno...
http://www.wtov9.com/shared/news/features/top-stories/stories/wtov_...
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Permalink Reply by Henry Edwards on
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Same thing with Rice happened to us at exactly the same time May 2014 in Greene County. It seems they just make excuses for not paying. I got a release. Once they are past the time period for paying get a release. They keep your property tied up until you get it.
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Permalink Reply by John B. on
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Henry, we're you able to find other parties interested your land? I'm currently leased through Rice and have an uneasy feeling after reading these posts (haven't received anything yet). Our 90 day payment period is up on March 3. JB
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Permalink Reply by Henry Edwards on
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Not yet but working on it. Where is your property in Greene County?
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Permalink Reply by Henry Edwards on
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We are in Perry township. Do not hold your breath. If they ask you to do anything and they won't until the last minute, be wary. They will come up with some kind of issue as a delay tactic. Vantage is currently leasing in both Greene and Mon county in WVA, we have property there also. Good luck they do pay some people if and a big if they have other leases bordering you. You really cannot do anything until the time expires. By the way mine was 75 business days as opposed to 90. 90 business day equates to about 5 months or more with holidays. Our attorney suggested 60 calendar days.
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