Just a warning. I have owned minerals for 30 years in Stephens County and have leased them many times. I leased Echo Energy out of Oklahoma City about 2 plus years ago offsetting a proposed well in 3 South-4 West Section 4. I own minerals in section 5. That went smooth. Back in October 2016 they approached me with a full paid up top lease with all the funds up front. Since the previous transaction went well I sent them a signed notrized lease with their promise of prompt payment. Well, they never paid and even placed the signed lease of record the day they received it. I spent nearly two months trying to get my original lease back and a release of oil and gas lease. They were bad returning calls and I even had to talk to senior in house people to finally get my lease back.This was the first time I have ever not sent the lease and draft in for collection. My fault. Lesson learned. Beware that these companies may be trying to sell your lease and then pay you. The day of gentleman hand shake deals are gone. There is a new bunch in the oil patch.
Frank
Yes, I'm afraid that the exciting days of doing "bidness" with a hand shake in the private dining room at Ruth Chris' Steak House and three martini lunches are long gone.
This ain't the exciting, wheeling-dealing days of the early '80s. But, I also think the tough times of today don't come close to the tough times of the late '80s.
Nevertheless, business is business. Always negotiate in your best behalf and get it in writing, get your money up front, and keep a paper trail.
Good luck,
Pat
I had a very similar situation with Echo last year. A new lease in Stevens County. I had done business with the landman (who was in house at the time) and sent the lease. Bonus would be 100k+. They recorded lease, fired landman and then stonewalled me on payment. Finally, got return call when I left message about my attorney. They offered me $10k to walk away (obviously oil prices fell after they signed.)
Finally, six months and a proposed 3 month payout, which they accomplished.
Obviously got stuck flipping. I also learned a good lesson, and didn’t have the 3 martini lunch as compensation.
Mr Marrow, you contacted me several yrs ago and had me make a list of all beneficiaries connected with some oil and gas mineral rights in East Tx. Particularly Gilmer/Enoch Tx. (Upshur county) I heard Unocal was interested, but to no Avail. I have been told they have been drilling for a while now, but I haven't received word. Are you still involved with this?
Jim Arrington
jimarrington55@gmail.com