Oil/Gas/one wierd lease
Hi Mark, I live in Idaho so it is a little tough to check on drilling in Oklahoma. On 3/3/2011 I signed a lease on mineral rights with Chesapeake Oil Exploration for three years. The lease was for $350 per acre and royalties at 9/16 which seems like an extreme share. I haven't heard from them since. Did they screw up on the royalties? This is in Ellis County Oklahoma. 39T18NR21WW2SE-S9-T18NR21WSW Some web sights indicate that this company has pulled some shady deals. Thank You
Chesapeake's headquarters are here in Oklahoma City. If you follow the news, then you know they have had some significant disruptions in management.
You say that you have not heard from them. The first thing to do would be to make sure that they pay you the per acre bonus. How many acres are at issue?
If you do not file a petition in Court, then your claim will become barred by the statute of limitations. The length of time which you have depends on things like whether the agreement is in writing. Do you have Chesapeake's signature on the lease? You may already be past the two year statute of limitations for non-contract claims and you are approaching the 3 year statute of limitations for contract claims not in writing. The statute of limitations in Oklahoma is 5 years for contract claims upon written contracts. I say "may" because there are some circumstances which can "toll" the statute of limitations.
The database doesn't show any unplugged wells in that section, so they apparently have not started drilling, which makes the royalty percentage moot at this point.
Good job negotiating the lease.