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Author Topic: Ratification of Oil and Gas Lease  (Read 3557 times)

Juniata83

  • Posts: 2
Ratification of Oil and Gas Lease
« on: September 07, 2013, 05:08:36 PM »
I have a signed lease with Cabot for 38 acres in Susquehanna County, Pa.  I recently received a call from a Landman saying they were  representing Cabot and they are  asking that I sign an affidavit of possession and Ratification of my Oil and Gas Lease.  It was stated that my property was being pooled with others for a nearby well site that is to be drilled and the ratification notes the name of this well pad in the bottom corner of the document.  My Lease is up for a renewal option/payment in 15 months...
I have a  call in to my  attorney but am wondering why they need a Ratification of the lease when all the terms are spelled out in the lease itself.  Can anyone give any insight as to the purpose of this document?  There is nothing specified in the lease document that a Ratification of the lease must be signed.  Thanks.

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #1 on: September 07, 2013, 05:28:34 PM »

 Just sign it and consider yourself lucky. You're with the A team.

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #2 on: September 07, 2013, 05:33:07 PM »
 
  Okay ,seriously was your lease flipped from another company and what township are you in.
 Basically they want to make sure they are paying the right people. Ducks in a row.

shinobi

  • Posts: 2557
Re: Ratification of Oil and Gas Lease
« Reply #3 on: September 07, 2013, 05:35:28 PM »
I have a signed lease with Cabot for 38 acres in Susquehanna County, Pa.  I recently received a call from a Landman saying they were  representing Cabot and they are  asking that I sign an affidavit of possession and Ratification of my Oil and Gas Lease.  It was stated that my property was being pooled with others for a nearby well site that is to be drilled and the ratification notes the name of this well pad in the bottom corner of the document.  My Lease is up for a renewal option/payment in 15 months...
I have a  call in to my  attorney but am wondering why they need a Ratification of the lease when all the terms are spelled out in the lease itself.  Can anyone give any insight as to the purpose of this document?  There is nothing specified in the lease document that a Ratification of the lease must be signed.  Thanks.

Gasco is merely wanting to protect itself against fraud.  If you are the true and honest owner of the property, with no skeletons in the closet vis a vis ownership, then you should be fine to sign.  If there are any problems with your ownership of the property, for example if another member of your family disputes your ownership claim, then (if it were me) I would not sign.

Your only real danger would come if there were a claim not known to you today, which later emerged from the "woodwork".  Thus, your best bet is to obtain your attorney's counsel, just as you have already decided to do. 

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #4 on: September 07, 2013, 05:38:15 PM »
 
  Yea give the lawyer a couple grand. You 'll be able to afford it.

shinobi

  • Posts: 2557
Re: Ratification of Oil and Gas Lease
« Reply #5 on: September 07, 2013, 05:39:07 PM »
Oh, one last thing:  Anything you sign should state clearly that it in no manner modifies or replaces any provision of your lease.  If gasco is on the up and up, and they almost certainly are, they should not object to such language. 

shinobi

  • Posts: 2557
Re: Ratification of Oil and Gas Lease
« Reply #6 on: September 07, 2013, 05:40:58 PM »

  Yea give the lawyer a couple grand. You 'll be able to afford it.

Naaa.  Decent, honest, lawyer should charge no more than a few hundred to look that over.

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #7 on: September 07, 2013, 05:43:39 PM »

  You obviously havent used a lawyer in Susquehanna County.

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #8 on: September 07, 2013, 05:51:57 PM »

  I was just kidding.  ??? ???

shinobi

  • Posts: 2557
Re: Ratification of Oil and Gas Lease
« Reply #9 on: September 07, 2013, 05:59:25 PM »

  I was just kidding.  ??? ???

No bigee.  I think a lawyer would charge several thousand to do an entire lease.  But just to look over a bit of minor paperwork the charge should be a lot less.

Juniata83

  • Posts: 2
Re: Ratification of Oil and Gas Lease
« Reply #10 on: September 07, 2013, 06:04:44 PM »
Have a good attorney at fair rates.  Property is part in Ararat and part in Jackson Townships.  Lease has not been flipped. Thanks for the responses. Especially provision for no modification.

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #11 on: September 07, 2013, 06:08:36 PM »

  Your welcome. Excuse us. Again, Cabot pays quick and fair. Depends on what you got underneath you .They will get it

macal

  • Posts: 5363
Re: Ratification of Oil and Gas Lease
« Reply #12 on: September 07, 2013, 06:43:53 PM »

  Cabot creates multiple units off each pad. They can hold a 2000 acres off one pad. Thats an extreme but its their MO. Fine. Just win baby!!!

Cicero

  • Posts: 779
  • "Nemo me impune lacessit."
Re: Ratification of Oil and Gas Lease
« Reply #13 on: September 16, 2013, 10:40:25 AM »

  I was just kidding.  ??? ???

No bigee.  I think a lawyer would charge several thousand to do an entire lease.  But just to look over a bit of minor paperwork the charge should be a lot less.

The disconnect from reality after five years of facing-off and fracin' around in this arena is astonishing. There is no such thing as "a bit of minor paperwork" in this theater of operations when it comes to anything affecting one's lease rights and legal position thereunder.

You don't have to execute either one.  Based on what was originally posted, the proposed ratification is potentially problematical.  While the affidavit of possession is desireable from the company's  perpective, it is unnecesary and not obligatory from your end.

Verbal representations concerning future pooling into a production unit are legally worthless and cannot be relied upon if they do not to come to pass and you end up being disappointed.

Cicero
« Last Edit: September 16, 2013, 10:58:59 AM by Cicero »
"In the most corrupt state are the greatest number of laws." - Tacitus -  "He who would be deceived, let him be." (Roman Law of Fraud) "Nemo me impune lacessit."

kgclancy

  • Posts: 121
Re: Ratification of Oil and Gas Lease
« Reply #14 on: September 16, 2013, 12:08:33 PM »
Better to pay the lawyer now and avoid having to later post on this forum how the GasCo. screwed you.

 


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