We signed a lease agreement back in December with UnitedOil for S27-3N-6W and are still waiting for our payment. Other family members received theirs within a few weeks but there are a couple of us that are still waiting. This is the last response we received from them:
"The arrangement that we setup with Vitruvian consisted of two separate “closings”. Your lease fell into the second closing. Between closing number one and two Vitruvian began the process of selling their assets in this 3N-6W area to Gulfport. We’ve been diligently pursuing Vitruvian and Gulfport in an effort to transfer the leases, but due the size of the acquisition (close to $1 billion) both groups have been extremely busy and unable to process the leasehold."
Should we be worried or is this a normal situation? Thanks.
Allan
Allan, please call me at 405-406-7468, I brokered the original deal between United and Vitruvian and know the details.
What does your lease agreement say regarding timeliness of payment?
Lease agreement said 30 days.
Three companies have backed out of leases in this section over the last month, awaiting to see what Gulfport does with their newly acquired acreage.
Have they filed your leases of record? Either way their statement to you is nonsense, but it's especially egregious if they've already filed your lease of record as you're now being damaged. Virtruvian's deal with United and/or Gulfport shouldn't result in negative repercussions for you. If they agreed to pay you in 30 days they should have paid you in 30 days or released your lease. This is why I never agree to 30 day pay.
If you'd like additional advice/help on what to do friend me and I can walk you through it.
Thanks for the advice Huey and you're right, it shouldn't. After contacting other family members we're going to sit tight for now and wait, we only have a very small amount.