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BP opts out of some gas leases

January 18, 2013

WARREN — BP America Production Co. has opted not to lease minerals on more than 4,000 acres in Trumbull County, releasing nearly 200 property owners from their signed contracts....

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(10)

AmericanPatriot

Jan-18-13 4:16 AM

These lesses actually are not a big mess. The mineral rights were leased and are valid because of "production". The problem is the majority of the leases were poorly written. But who would have known 30 years ago about this marcellus and Utica shale.

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Billdog

Jan-18-13 9:39 AM

Mr. Klingingsmith was trying to double dip.

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henryviii

Jan-18-13 11:20 AM

I didn't see anything here about Mr. Klingensmith...is there a different article?

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Billdog

Jan-18-13 11:30 AM

Sorry henry, I was having a conversation and writing at the same time. That would be Mr. Marsteller.

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CCaddy

Jan-18-13 1:19 PM

No, he wasnt trying to "Double Dip". it's just the old system of gas leasing was chaotic at best. Someone signed a lease on his land, maybe the last home owner and not him, and who knows what the terms of the lease is? Maybe he could get out of the lease, there's all sorts of ways you can. The problem is, like the current loan system, you sign a loan with someone, then that loan gets sold to someone else, next thing you know, your loan is owned by 10 different companies over it's life. Same with the gas leases, he'll have to track down and find out all the different companies who had an interest in it, and they're not really required to tell him much legally. His lease could really be owned by 30 different companies at the same time maybe. Each company he contacts only has to tell him what THEIR interest in the lease is, not anyone else. It could take years to sort it out, and bp only gave around a 90 day limit to sort out title issues.

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AmericanPatriot

Jan-18-13 2:37 PM

It just stinks when a landowner assumes they will receive a nice check only to find out they wont.

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CCaddy

Jan-18-13 3:11 PM

I'm sure if he gets his title issues sorted out, bp will probably still let him sign a lease. It could take a while for him though.

Just one of those "***** to be you" moments. Most landowners were dreading they'd run into something like this, but it was only a very small minority of owners who did.

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nmcLone

Jan-18-13 5:10 PM

easy come easy go...

maybe next oil co give up more $$$

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ArticWoof

Jan-18-13 6:02 PM

Exactly CCaddy. Thank You for your comments. Too many people THINK they know all about these former leases, but the truth is, they know diddly. I learned from experiance myself. I bought land from my parents over 25 years ago. My wife and I never asked for the oil royalty checks from the oil well since my parents were still getting them, and we bought the land cheap. Plus, they were my parents after all. When dad died, the checks stopped coming to mom. It took me two years of constant phone calls, letter and emails before I found the right company. The lease had been sold 24 times over a 37 year period. The name on the well was not even the company who owned it. The name on the checks were different than the name of the company that had it because they had four different divisions. They had stopped sending the checks when they went into public records and saw dad had died. We did get it figured out, and got all of our owed money. And mom now has free gas for her home.

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unitedfortruth

Jan-19-13 1:54 AM

well, the nice thing here is, BP is a stand up company who is looking out for all americans. God bless the queen!

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