Reviewing Contract

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Permalink Reply by Rick on August 27, 2008 at 11:49pm

Momay, I am in the DeSoto group and was contacted by Classic back in April 2008, a young landman named Michael Moreau. He said they represent Chesapeake and the lease offer he left had Chesapeakes name and bank info on it. It was the only offer I have had on my small acreage and was only for $300.00 an acre. The landman was either ill-informed or flat out lying because he said he didn't know what had caused the sudden interest in land around here but he heard that someone had hit a big well over in Texas straight across from DeSoto parish and they might drill around here sometimes in the next few YEARS. Almost exactly one month later, I got a letter from CHK's lawyers telling me they planned to seek a permit to force pool and unitize my section and drill a well less than 1500 ft behind my house.
The well, Nelson 18-H-1 is being drilled at this time and is in the horizontal stage of the drilling process. I went from May 15 until last Sunday without hearing another word from the landman or CHK, then out of the blue, my neighbor said he showed up twice while I was gone into Shreveport. He left me a note asking me to call him, it was urgent and that he thought he MIGHT have an offer I would like. I did not call him and don't intend to. He is trying to get me to lease before the well gets to the production stage and the numbers are released to the state, because if it comes in big like many of the others, the value of my little acreage will go UP. I have rode it out this long and they are deliquent in reporting at least a couple of things that the state code says they should report to all affected landowners, so I think I'm gonna sit patiently, right now according to LA code RS 30:10 I seem to have a couple or three things in my favor, and I am about to talk to an attorney so he can prepare to get CHK's attention as well as the Commissioner's offices attention.

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Permalink Reply by momay on August 30, 2008 at 2:54pm

Thanks, Rick. We're dealing with 2 acres in Keithville. Hopefully a well will go up nearby. An offer is on the table of $18,500/ac, 25% royalty, for 3 years. Wouldn't mind holding out until there is production flowing. Need more research on that, any ideas?

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