We have a portion (1/5th) rights to some land in Hamilton County, Illinois. The rest of the family pushed my husband into signing the lease and be given a draft. Now we’ve been COLD DRAFTED. The rest of the family was paid, but we got a letter asking if we want to hold tight in case another investor comes along or for them to release our rights in case other drillers are interested. How can this be done with part of the rights already paid out? Anyone else having any trouble with Next Energy? It seemed to be a very generic form letter that we were sent.
Patricia, They are not obligated to lease from you just because they leased from your relatives. It sounds as if the company has lost their funding to continue leasing. I would try to make direct contact with the person who handled your lease and ask for an explanation. Are they also known as Legacy?
Ms. Williams, it sounds like you are dealing with a company that does not drill oil wells and just wants to participate in someone elses oil well or flip your families acreage to someone who does want to drill a well. This company would not need alot of acreage, just a "position" within a drilling unit so they can participate in the acres they hold or profit from selling the leased rights they hold. I would demand my lease back. You may not want to hire a lawyer to write the letter but it could save you alot of money and grief later on if you did. Good luck.