NARO General Message Board

Someone has reported to me that Chesapeake is providing an "obligation to pay" letter instead of a bank draft when getting your signature on a lease. Personally, I would not sign any lease for either one...once signed your lease is a legal document.

By not taking the election to go ahead and pay, then you may be faced with going to court to get the lease revoked or quit claimed. 

I do not know all the implications of an "obligation to pay" or even if it is a legal instrument that can be enforced. I do know that with $2 gas prices, I wouldn't want to touch Chesapeake with a 10 foot pole and after the revelation that CHK "loaned" A. McClendon a BILLION plus dollars so he could participate in wells?  say what???

http://www.lasvegassun.com/news/2012/apr/18/us-chesapeake-energy-mover/

I just never liked the way this company operates, not even back in the early 90s' when Aubrey was known as a "docket jumper" for trying to lease small unleased interests that were being pooled by the OCC - I ain't about to take a letter promise to pay that isn't worth the paper its written on.