Ok, First I got a call from Dark Horse that my lease was invalid due to they not being able to confirm my relationship to my Grandfather. I got all the proper paperwork to them and they said that the lease was back on, Well I have made numerous calls to DarkHorse and talked to Ryan Newport. He said that all was good and that he didn't know when the signing bonus check would be mailed out. My question is. Has anyone had any contact with Ryan and why would it take almost 3 months to get a signing check?
Please any help would be greatly appreciated.
Did you do any research about this firm before you signed the lease?
http://www.bizapedia.com/ok/DARK-HORSE-ENERGY-PARTNERS-LLC.html
http://www.truckdriver.com/trucking-company-directory/ShowDOTCo.cfm?CENSUS_NUM=2350265
https://www.linkedin.com/pub/kristine-jackson/86/468/b05
https://www.linkedin.com/pub/bill-rice/3/421/419
It looks like this particular entity is only about eleven months old. It is just getting started. The above links will provide you some clues about the company. Make contact with some of the people. Most seem to have contacts with Oklahoma Christian University. They may not have their clerical operation set up yet, or they may be capital short. Good luck.
By the way, it works better to sign the lease at the bank, get the check and deposit it. Don't fall for one of those bank drafts. No one at my bank knows how to process those things.
Just stuff I learned the hard way.
General advice. In the future, do NOT sign any lease unless the lessee also signs. Add a clause that the lease is not valid until (1) you are paid the required consideration and (2) the lease is recorded in the county deed records. Also, you should require that both you as lessor and the oil company or landman as lessee should both sign 2 originals so that you have a fully executed lease in your files. The problem is that if only you as lessor sign one original, then the oil company or landman can otherwise hold your lease and your minerals hostage and that you have little recourse. In addition, by making the other party sign, you have more legal rights. You want the lease recorded so that you can prove its terms. Do not execute a Memorandum of Lease until you have an original executed by the lessee in your hands. Again, otherwise you have no proof of the terms, including the negotiated royalty rate. Good advice above to not accept a bank draft. If you give a signed lease to the landman who has not finished his title search or is going to delay paying you by claiming that the title search is not finished, then you are unable to lease to anyone else.
It has been my experience that money paid to competent mineral lawyers has always been worth it. That would be your lawyer, not the oil company's.
Well, you could always call Ryan & tell him you have had second thoughts about leasing to them & are considering a better offer. Suggest to him that since they've never finalized the deal by paying you, you may lease to someone else. What's the worst that can happen? Them not lease/pay you? Sounds like that's what they are already doing!
I would like to know how this issue was resolved?