Can anybody give me any feedback on Salt Fork Resources?
what do they do.. never heard of.. ?
Wandering-juju, I had a nice interaction with the CEO of the company in response to my inquiry. He explained that they are a company that primarily focuses on dry gas leases in Eastern Ohio. They are a fairly new company comprised of a group of young men who formerly worked in other O&G companies and banded together to start their own. We had been approached by their landman and I wanted to know more about the company.
As a follow-up to my 12JUL post, I did sign a lease with SFR. I will be 30 days post-signing in a few days.
They are sending us a contract next week. Did they give you a clue when (rather how long it takes) to expect payment?
We were very impressed by our initial contact with Austin and eventually signed a contract with them when it was offered. We had them change to wait for payment to 60 days on the contract. At about 70 days we contacted them and they said they had not gotten the information back from the attorneys. We waited another month and contacted them again and got the same reply. It has now been about 110 days and still nothing. I am disappointed. I really felt like we had signed with the right company, but I must say that my confidence has been shaken. I hope your experience goes smoother than ours.
Good afternoon, I signed a lease with SFR for my parcel in Jefferson County OH. I received a 10% payment at 30 days and the remaining 90% at the 91 day mark. We had agreed on 90 days but it was one day past. I am pleased with their response.
With your dealings with them, had the company been responsive to phone calls or emails?
Summer, prior to this they were very responsive and we had a really positive feeling about them. My husband emailed Austin, the CEO, the last two times and he immediately forward it to his VP in charge of land acquisitions. We got the same run around both times and nothing has happened. I would still like to do business with them, but I am beginning to worry about their financial situation and that maybe they have over extended themselves the way Chesapeake did. I hope not because they seemed like dynamic young men and I wanted to see them succeed.
You should file a letter of default with them. They can keep you in limbo forever if you don't.
It may come to that, but I am hoping they will do the right thing and honor the contract that they sent and had us sign.
We also have a 60 day order to pay and we are now at day 72 post counter signature from the company. My lawyer has sent them a notice of default per the order of payment, they have 30 days to comply and pay or release the filed lease.
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