Has anyone heard of Contex Energy Company? My husband and I were recently contacted by them to lease our land in Weld County looking for oil and gas. We are new to this so any help would be really appreciated. Thanks
Hello Jeanette,
It always a good idea to get more than one offer, I have several companies that would be interested in looking at the legal description of your property who might want to make you an offer to lease your minerals.
If you want me to look into to this, please send the Township, Range and Section number on your land in Weld county to me at roneal005@gmail.com.
Our family just signed leases with Contex ($300 per net mineral acre [3 year lease term] with a 2 year option @ $200) on land in Burke County, ND.
That said, I mailed my documents back on December 21st and have yet to receive a check! They supposedly have 30 days from receipt. Seems to me we're sliding into February - a far cry from say December 24th, when they probably received the signed documents.
Stay tuned.
I wouldn’t panic just yet. The 30 days is 30 business days. That yields six weeks without holidays, and we have had a few holidays in that time. If you took a sight draft as consideration for the executed lease, it probably stated somewhere on it that payment was contingent on approval of title. That can take time. You can call them monday and enquire, or give them 2 weeks to firm up their title search. After another 2 weeks though I’d say something is wrong! I don’t like drafts. I have had drafts dishonored / not paid 3 times and all 3 times leases were recorded clouding my title. You won’t be able to do much with your minerals if they cloud your title in this way. Believe me. RWK
AJ said:
Our family just signed leases with Contex ($300 per net mineral acre [3 year lease term] with a 2 year option @ $200) on land in Burke County, ND.
That said, I mailed my documents back on December 21st and have yet to receive a check! They supposedly have 30 days from receipt. Seems to me we're sliding into February - a far cry from say December 24th, when they probably received the signed documents.
Stay tuned.
Their letter simply states "Once we receive the draft, we have thirty days to honor it by sending a cashiers check to your bank..." Those drafts are silly; I've always wondered why they waste so much time and effort with those. Any ideas?
As far as filing legal documents when they know they don't have legal standing to do so (their drafts are dishonored/not paid) sounds fraudulent. If there is a track record of them doing this, that can't be explained away as "just a bookkeeping error". Once maybe, twice judicial eyebrows would rise, three or more times sounds like an established fraudulent business practice.
r w kennedy said:
I wouldn't panic just yet. The 30 days is 30 business days. That yields six weeks without holidays, and we have had a few holidays in that time. If you took a sight draft as consideration for the executed lease, it probably stated somewhere on it that payment was contingent on approval of title. That can take time. You can call them monday and enquire, or give them 2 weeks to firm up their title search. After another 2 weeks though I'd say something is wrong! I don't like drafts. I have had drafts dishonored / not paid 3 times and all 3 times leases were recorded clouding my title. You won't be able to do much with your minerals if they cloud your title in this way. Believe me. RWK
AJ said:Our family just signed leases with Contex ($300 per net mineral acre [3 year lease term] with a 2 year option @ $200) on land in Burke County, ND.
That said, I mailed my documents back on December 21st and have yet to receive a check! They supposedly have 30 days from receipt. Seems to me we're sliding into February - a far cry from say December 24th, when they probably received the signed documents.
Stay tuned.