Re: get an attorney to review

Posted by kyle in NY on June 11, 2007 at 17:30:05 from (69.117.212.254):

In Reply to: Re: OT CGAS Exploration.. posted by mjbrown on June 11, 2007 at 17:08:58:

I have a place in upstate New York where gas is plentiful. I had a company contact me because they were going to put a deep well in my vacinity and wanted me to sign a lease. It sounded great. Being the skeptic new yorker, I hired a local attorney to review the lease and they told me that the company was crazy and that they were not offering me enough money to tie up my land. They informed me that by law in NY you dont have to sign a lease to recieve the royalties of the gas and by law the company has got to pay you no matter if you signed the lease or not. The only money that you will be out of if you do not sign is the lease money (which I thought was minimal). I found that it is very hard if not impossible to get out of the lease and it can give you a very hard time if you want to secure a loan or sell your property. It can be like having a lien on your property. The leases usually stipulate that if they do hit gas that the lease is open ended and that they can get out whenever they want but you are stuck in it. My attorney told me what I should stipulate for and what the going rates are. I made my demands and I havnt heard back and I dont care. If you want to sign, do yourself a favor and hire an attorney who specializes in this. READ THE FINE PRINT!!! I can go on and on so if you would like to talk, send me an E-mail and we can make arrangements. Kyle

Replies:

• Re: get an attorney to review Stan(PA) 19:35:32 06/11/07 (1)
  • Re: get an attorney to review kyle in NY 21:23:05 06/11/07 (0)

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