Rice Energy fails to pay bonus money on Greene County Leases

My family signed leases on three properties in Greene County Pa just over one year ago with Rice Energy. The bonus payments on the lease were due in mid-April of 2014. The leases were processed through my attorney. We began to inquire about the payments after they were due, and we were told they were behind on title work and would get to them soon. To date, payments still have not been made. To get to the point, we have gone from delay tactics to them totally ignoring us.
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

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jeff Kerr on February 23, 2015 at 10:41am

contact the atty. general of PA see if they can help you  so sorry for all of us who signed with Rice

Permalink Reply by Henry on February 23, 2015 at 1:45pm

I'm sorry to hear about all of the problems you all are having with Rice Energy. My land is located in Washington County (PA). We have a total of 10 wells that are in production. We have been paid on time each month. Our first check arrived after the wells were in production for 6 months. So far they have been very fair with deductions. Overall, we have been very happy with the company.

Permalink Reply by William S. on February 24, 2015 at 2:48pm
My brother, grandmother and I all signed leases with Rice in November of 2014, we had previously signed with Chesapeake 5 years ago. We are now battling with Rice over who has proper ownership, it seems to me that with the information available in Greene County that tracing title would be fairly non-complex, but nothing has been easy with Rice. I would warn anyone considering leasing with Rice to proceed with caution, they have many techniques (like saying you have a 100 year old well on your land that is still active) for stalling or delaying payment. My guess is they signed up a bunch of leases to make their capital raise look more attractive; with $30mm in cash, according to their 10-k, at 12/31/13 you would think that paying bonus payments to at least some lessors would be reasonable, that doesn't seem to be the case.
Permalink Reply by Martha Ann Murray on February 25, 2015 at 8:33am

Is everyone getting "ripped?" Sheli Isiminger, where are you???

Permalink Reply by Debra Lynn Pennell on March 2, 2015 at 6:45am
Sounds too familiar. Please contact me at debbielynnpennell@comcast .net and I will discuss the exact same problems we faced with them.
Permalink Reply by John Henrie on February 27, 2015 at 6:27am

I am interested in anybody wanting to sell a 50% stake in there mineral rights. If interested send location and price to landmanwvoh@gmail.com this put you in 17 to 20 percent tax bracket. With are upfront money we work with you and adjoining land owners to drill not talk. For more information email me. Go Marcellus and Utica.

Permalink Reply by John Henrie on February 27, 2015 at 8:32am

I have never had any problems with Siltstone. With such a large land group they will run into so many title issues it's not funny. When you break down ownership in West Virginia like Pleasants County you have people who a 1/166 or 1/32. Its very difficult. I would not take it on. In Ohio running title is so much easier. I think they will ponie up. Because I dislike any mineral owner and surface owner getting taking advantage of.      

Permalink Reply by Gary L. Ford on February 27, 2015 at 9:38am

I live in Amwell Township and signed with Rice about 2 years ago but other than a minor delay when they went public checks have been on time each month.  I have had no problems and they have always been responsive to any questions I had when I called or emailed.  

Permalink Reply by Jeff Kerr on April 6, 2015 at 12:33pm

Hi Gary I just got word Rice payed 1.49 per mcf for the month of Feb. on our unit I do not want to sound nosy but what did they pay you. they are realy low ball selling wish we still had Chesp. bet you do not hear that often Thank you JEFF

Permalink Reply by jane boley on March 1, 2015 at 4:38am

we own 100% of the minerals on many acres, previously vetted and leased. Silstone is currently two months in arrears on payment, and asking for 90 more business days . Original waiting period was 120 calendar days. They didn't waste any time in recording those acres though !  Me thinks I smell a RAT !

Permalink Reply by Renee E. Dorsey on March 5, 2015 at 6:23am

Wow;  this is a disappointment - I have no skin in the game with Rice, but I guess I just expected better of them since they are locals.   I hope it gets resolved in a good way for you.

RSS

Top Content 

1 Thoughts..Opinions,,Comments on Trump's Implementation of "Drill Baby Drill"

Thoughts..Opinions,,Comments on Trump's Implementation of "Drill Baby Drill"
2 Environmental groups trying to shut down Seneca.

Environmental groups trying to shut down Seneca.
3 Those Pesky Martians – Who Knew They Were Contributing to Climate Change Here on Earth?

Those Pesky Martians – Who Knew They Were Contributing to Climate Change Here on Earth?
4 Evaluating a Potential Shale Prospect

Evaluating a Potential Shale Prospect
5 The Infancy of a Monumental Discovery – Ohio’s Utica Shale

The Infancy of a Monumental Discovery – Ohio’s Utica Shale
6 Is Nuclear War Imminent? Energy Publications Reveal a Legitimate Threat

Is Nuclear War Imminent? Energy Publications Reveal a Legitimate Threat

Latest Activity

paleface replied to paleface's discussion 'Environmental groups trying to shut down Seneca.'
18 hours ago
Darrell Weaver replied to paleface's discussion 'Environmental groups trying to shut down Seneca.'
23 hours ago
paleface replied to paleface's discussion 'Environmental groups trying to shut down Seneca.'
Saturday
paleface replied to paleface's discussion 'Environmental groups trying to shut down Seneca.'
Saturday
paleface posted a discussion

Environmental groups trying to shut down Seneca.

Saturday
4 Comments
Nancy Mosley replied to Bill Simpson's discussion 'Thoughts..Opinions,,Comments on Trump's Implementation of "Drill Baby Drill"'
Dec 16
john w. howard replied to Bill Simpson's discussion 'Thoughts..Opinions,,Comments on Trump's Implementation of "Drill Baby Drill"'
Dec 16
Nancy Mosley replied to Bill Simpson's discussion 'Thoughts..Opinions,,Comments on Trump's Implementation of "Drill Baby Drill"'
Dec 14

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service