Hello,
Just joined #18 i guess. I have a few year old package from lone tree an a new package from B B land. The farm lease is down to the top of the Oriskany sand. and the pipeline contract are on file. Apparently that has changed, I have yet to go and see actually what gets recorded. The guy I talked on the phone to diverted when I asked if my neighbors signed or struck that clause. I also didn't seem to get an answer to if my neighbors are recorded yet.
BB is a JayBee subsidiary. Their confidentiality clause is more aimed towards making sure the lease doesn't get recorded. They will have you sign a Memorandum of Lease and record that. The Memorandum will not include all the terms that the lease does. It will include enough information to identify your property and show that there is a lease on the property, and when the lease will expire if no well is drilled. I like to get them to agree that you can file a copy of the lease once the primary term has expired. You want a copy of the lease on file as these leases could be in effect for decades, companies lose leases, people lose their own leases, and attorneys retire and destroy files after the statutory time limits expire. The copy at the courthouse could be the only record of what everyone agreed to.
It doesn't matter what your neighbors did or didn't do. The company has to deal with you individually.
Thanks for the reply, I probably should have read your reply earlier. I did draw a big x through that clause and initial it. Does that mean I can add the whole lease later?
What the land man said was they got the Marcelus out of the Triad bankruptcy and intend on drilling that first. I figure there has to be a possibility they will never get around to drilling the lease I signed with them. 5 years plus another 5 for a price. Apparently a Falcon or something close to that had a deep lease they never used in the records. Two lawyers, one my real estate closing one said I should get it removed but it seems B+B was able to figure out it was extinct.
The triad lease is pretty close to no paying quantities, The B+b guy said it needs 2 years no payments to meet the definition. Right or wrong he is the only guy that gave me a straight answer. I sort of figure if they can't maintain a meter that regurlarly makes a chart that might count. They have at least got it to work better lately but I doubt they are estimating when the paper tangles up.
I realize they have to deal with me individually but did not think signing something like that would make life stress free.
