Important Payment Message for Turf Green Members that have Mineral Reservations
"The Bank Draft Payment Process from Caffey/Titan"
The goal of every Bank Draft received by The Caffey Group is to have a successful payment that is on schedule and without any major surprises and within the thirty (30) Banking Days as specified within the Bank Draft (Bank Draft - Top of Page States “On approval of the Oil, Gas and Mineral Lease described hereon, and upon approval of title to same by Drawee not later than Thirty (30) banking days after arrival of this draft at the collecting bank”).
Understanding the critical impact of Lessor receiving payment in a timely manner The Caffey Group has stepped up to the plate and has adjusted the actual receipt date of the Bank Draft to approve the release of funds to Lessor Seven (7) Days Prior To the actual DUE DATE.
NOTE 1: It is The Caffey Groups’ option to provide this service “Seven Days Prior to the Actual DUE DATE” which is dependent upon completion of title for each tract. Authority to release funds for all Bank Drafts will be within the specified time allowed as described above.
If for some reason the Lessor’s property has a Partial Mineral Reservation attached to the property and The Caffey Group Identifies the Partial Mineral Reservation within the Thirty (30) Banking Days,The Caffey Group will then – at that point in time – Put a “Stop Payment” on the Bank Draft actually “Canceling” the Bank Draft and then issue a CHECK to the Lessor for the adjusted amount and send the CHECK via Certified Mail or Overnight with a document describing the actual reservation. All this will happen within the Thirty (30) Banking Days agreed upon by both Lessor and Lessee, Please read above: (Bank Draft - Top of Page States).
NOTE 2: If the Property has a 100% Mineral Reservation attached to the property the Lessor will not receive a Check and will be notified of such via the mail.
NOTE 3: The Caffey Group has no control on any of the banks the Lessor has utilized in the Bank Draft Process. If a Lessor happens to think, for some reason, their Bank Draft has not become fundable in a timely manner, Lessor - please contact your Bank for further information.
A message from The Caffey Group:
"There has been some confusion on how the bank draft process works in relation to the 30 banking days, here is a quick synopsis of the process. The landowner is presented with a bank draft at time of signing, they then must turn in the draft to their respective bank. The landowners bank then has a processing time that varies from bank to bank before our bank receives notice that the draft has been presented for payment. Once our bank receives the bank draft notice that is when the 30 banking day period begins. We send notice to our bank prior to the end of the 30 banking day period that the draft is ok to pay. Once our bank has received the approval to pay, a check is issued from our bank to the landowners bank and is sent via mail which adds additional time to the landowner receiving final payment. There is no way for us to calculate how many days the landowners bank is adding to the process prior to our bank receiving the draft and the 30 banking days being calculated to create a draft due date. The Caffey Group attempts to pay all drafts 7 days prior to the bank due date. All Drafts are paid and will continue to be paid on or before the end of the scheduled 30th Banking Day."
Wednesday, August 6, 2008
Monday, June 23, 2008
June 23
We want to thank all of you for helping us bring this project to a successful close! The Sterling Green Addition had over 90% participation in the lease signings! We hope you were all pleased with the outcome and experienced a smooth transaction.
If you have any questions, please feel free to contact us or The Caffey Group at 817-348-9766.
Thanks again for sticking with us and best of luck to all of you!
If you have any questions, please feel free to contact us or The Caffey Group at 817-348-9766.
Thanks again for sticking with us and best of luck to all of you!
Wednesday, June 11, 2008
June 11: Message from our attorney, Scott Bauer
Dear Turf Green United,
I have enjoyed the opportunity to work with your group and I am excited that we are now able to bring this project to a successful conclusion. It is amazing that only a few months ago we started this process at $6,000/acre and we are now sitting at $25,500/acre with a lease form second to none on the Barnett. We have been very fortunate to enjoy the recent interest from Dale Property Services and Titan Resources and I would like to take this opportunity to thank both parties for the effort put into the offers presented and I look forward to working with both groups in the near future. I have closed several projects with both Jeremiah Mikel from Dale and Hollis Sullivan from Titan and I can openly attest to the strong character of both individuals and their respective companies. That being said, it is my responsibility and the negotiating committee's responsibility to recommend to the neighborhood the best offer and an offer that we feel best benefits and protects Turf Green United, taking into account a multitude of factors well beyond bonus money and the mere twenty four hour relationship of signing a lease. As such, we have carefully assessed what is likely to be a several decade long relationship between the chosen company and your neighborhood by taking into account each competing company's long term plans including drilling plans, pipeline access and easements, traffic expectations, noise reductions, and overall community benefit (i.e. community donation). After lengthy deliberation, your negotiating committee and I proudly recommend Titan Resources, LLC for several reasons, including but not limited to, the following:
1. Titan Resources, LLC is the only gas company currently with a viable drill site that can develop Turf Green United's minerals. (It is our understanding that Dale/Chesapeake currently do not have a drill site that can access Turf Green United or other lands south of Green Oaks Blvd.)
2. Titan Resources, LLC has agreed to a two year drilling commitment and has provided a detailed drilling program intended to develop the minerals of Turf Green United. (Dale/Chesapeake has not yet provided the group with information relating to a viable drill site, drilling commitment, or drilling program to develop the minerals of Turf Green United.)
3. Based upon such information, it is my opinion that the monetary net present value of Titan's offer is well in excess of the offer presented by Dale.
4. Titan Resources, LLC has agreed (unsolicited) to make a substantial monetary donation to the community to improve the community parks as well as local schools. Currently, Dale has made no such offer to the community.
5. Titan Resoures, LLC has continually made offers in excess of the current offer received by Turf Green United. Dale/Chesapeake originally offered $6,000.00/acre after paying surrounding neighborhoods in excess of $16,000/acre. As such, our committee expressed to Dale that we would not be entertaining offers that simply met those made by its competitors and required that counter offers exceed the current offer on the table. Our reasoning was simple, we did not want any company to carry an unwarranted advantage over its competitors. We wanted each company to separate itself based upon the simple logic that its offer was superior to its competitors.
Based upon such information, we confidently recommend Titan as your lessee of choice. That being said, I know many of you are still confused about this process and may further clarification about our decision. As such, please know that I am willing to meet with any homeowner along with any representatives from either company to discuss our decision. As I have stated several times, including in my most recent commentary on neighborhood leasing in the Fort Worth Star Telegram, I am a strong advocate of having a "big picture" approach and for committees to demand an entire game plan from the company that you are committing to for the next twenty years. Without such a plan, I find it virtually impossible to make a recommendation. Unfortunately, in the current fast pace environment of urban leasing, these very important details often get forgotten in favor of big name big number big publicity. For these reasons, I compliment your committee for its steadfast approach and hope that each of you understand and appreciate the hundreds of selfless hours donated by each committee member to ensure that your community got the best deal possible. Without their dedication, you can rest assured that we would not be in the position that we are today.
Again, I thank you for the opportunity to aid in your lease negotiations, and if any of you have any questions relating to our decision or your gas lease please do not hesitate to respond to this email. I promise to respond within 48 hours (you have to understand that is quite an accomplishment for me, as I am sure both Dale and Titan will agree. However, in my defense, I fortunately and unfortunately currently represent over 30,000 homeowners all facing this same dilemma).
Sincerely,
--Scott Bauer
I have enjoyed the opportunity to work with your group and I am excited that we are now able to bring this project to a successful conclusion. It is amazing that only a few months ago we started this process at $6,000/acre and we are now sitting at $25,500/acre with a lease form second to none on the Barnett. We have been very fortunate to enjoy the recent interest from Dale Property Services and Titan Resources and I would like to take this opportunity to thank both parties for the effort put into the offers presented and I look forward to working with both groups in the near future. I have closed several projects with both Jeremiah Mikel from Dale and Hollis Sullivan from Titan and I can openly attest to the strong character of both individuals and their respective companies. That being said, it is my responsibility and the negotiating committee's responsibility to recommend to the neighborhood the best offer and an offer that we feel best benefits and protects Turf Green United, taking into account a multitude of factors well beyond bonus money and the mere twenty four hour relationship of signing a lease. As such, we have carefully assessed what is likely to be a several decade long relationship between the chosen company and your neighborhood by taking into account each competing company's long term plans including drilling plans, pipeline access and easements, traffic expectations, noise reductions, and overall community benefit (i.e. community donation). After lengthy deliberation, your negotiating committee and I proudly recommend Titan Resources, LLC for several reasons, including but not limited to, the following:
1. Titan Resources, LLC is the only gas company currently with a viable drill site that can develop Turf Green United's minerals. (It is our understanding that Dale/Chesapeake currently do not have a drill site that can access Turf Green United or other lands south of Green Oaks Blvd.)
2. Titan Resources, LLC has agreed to a two year drilling commitment and has provided a detailed drilling program intended to develop the minerals of Turf Green United. (Dale/Chesapeake has not yet provided the group with information relating to a viable drill site, drilling commitment, or drilling program to develop the minerals of Turf Green United.)
3. Based upon such information, it is my opinion that the monetary net present value of Titan's offer is well in excess of the offer presented by Dale.
4. Titan Resources, LLC has agreed (unsolicited) to make a substantial monetary donation to the community to improve the community parks as well as local schools. Currently, Dale has made no such offer to the community.
5. Titan Resoures, LLC has continually made offers in excess of the current offer received by Turf Green United. Dale/Chesapeake originally offered $6,000.00/acre after paying surrounding neighborhoods in excess of $16,000/acre. As such, our committee expressed to Dale that we would not be entertaining offers that simply met those made by its competitors and required that counter offers exceed the current offer on the table. Our reasoning was simple, we did not want any company to carry an unwarranted advantage over its competitors. We wanted each company to separate itself based upon the simple logic that its offer was superior to its competitors.
Based upon such information, we confidently recommend Titan as your lessee of choice. That being said, I know many of you are still confused about this process and may further clarification about our decision. As such, please know that I am willing to meet with any homeowner along with any representatives from either company to discuss our decision. As I have stated several times, including in my most recent commentary on neighborhood leasing in the Fort Worth Star Telegram, I am a strong advocate of having a "big picture" approach and for committees to demand an entire game plan from the company that you are committing to for the next twenty years. Without such a plan, I find it virtually impossible to make a recommendation. Unfortunately, in the current fast pace environment of urban leasing, these very important details often get forgotten in favor of big name big number big publicity. For these reasons, I compliment your committee for its steadfast approach and hope that each of you understand and appreciate the hundreds of selfless hours donated by each committee member to ensure that your community got the best deal possible. Without their dedication, you can rest assured that we would not be in the position that we are today.
Again, I thank you for the opportunity to aid in your lease negotiations, and if any of you have any questions relating to our decision or your gas lease please do not hesitate to respond to this email. I promise to respond within 48 hours (you have to understand that is quite an accomplishment for me, as I am sure both Dale and Titan will agree. However, in my defense, I fortunately and unfortunately currently represent over 30,000 homeowners all facing this same dilemma).
Sincerely,
--Scott Bauer
Monday, June 9, 2008
Important
Most every one received a flyer posted on the door today by Dale Resources. The lease they are offering is not a Turf Green United approved lease. This a common tactic used by this company to cause signing date confusion within a united neighborhood. These types of dishonorable tactics are unwelcome and speak loudly on the way Dale conducts business.
Please refer to the February, 25 posting on Swapo2 website. www.swapo2.com
It is prudent that we disregard the people going door to door in our neighborhoods posting flyers stating that the signing venues, times, and date have changed. The signing dates are as follows:
Location: The Church on Rush Creek, 2350 SW Green Oaks Boulevard, Arlington, TX 76017 (located at the southeast corner of SW Green Oaks Boulevard and Bowen Road).
Signing Dates:
Tuesday, June 10 - from 4pm-9pm
Thursday, June 12 - from 4pm-9pm
Saturday, June 14 - from 10am-4pm
Tuesday, June 17 - from 4pm-9pm
Thursday, June 19 - from 4pm-9pm
Saturday, June 21 - from 10am-4pm
More dates will follow as needed.
You must bring a picture ID to the signing in order to get your lease notarized. All parties that own the property must sign the lease. However, you may come at different times in case all parties cannot make the meeting at the same time. If anyone is signing on behalf of a trust or corporation, you need to bring a copy of that portion of trust or corporate minutes which gives you the power to sign on behalf of that entity.
Please refer to the February, 25 posting on Swapo2 website. www.swapo2.com
It is prudent that we disregard the people going door to door in our neighborhoods posting flyers stating that the signing venues, times, and date have changed. The signing dates are as follows:
Location: The Church on Rush Creek, 2350 SW Green Oaks Boulevard, Arlington, TX 76017 (located at the southeast corner of SW Green Oaks Boulevard and Bowen Road).
Signing Dates:
Tuesday, June 10 - from 4pm-9pm
Thursday, June 12 - from 4pm-9pm
Saturday, June 14 - from 10am-4pm
Tuesday, June 17 - from 4pm-9pm
Thursday, June 19 - from 4pm-9pm
Saturday, June 21 - from 10am-4pm
More dates will follow as needed.
You must bring a picture ID to the signing in order to get your lease notarized. All parties that own the property must sign the lease. However, you may come at different times in case all parties cannot make the meeting at the same time. If anyone is signing on behalf of a trust or corporation, you need to bring a copy of that portion of trust or corporate minutes which gives you the power to sign on behalf of that entity.
Update: Signing Dates
We have reached a deal with Titan Resources and The Caffey Group for a negotiated gas lease. The outline of the lease terms is as follows:
· Bonus - $25,500 per net mineral acre (to the middle of the street)
· Royalty - 25% from Titan Caffey at no cost
· Term - 3 years with a 2 year option also at $25,500
In reaching this deal we have been provided with dates and times for signing:
Location: The Church on Rush Creek, 2350 SW Green Oaks Boulevard, Arlington, TX 76017 (located at the southeast corner of SW Green Oaks Boulevard and Bowen Road).
Signing Dates:
Tuesday, June 10 - from 4pm-9pm
Thursday, June 12 - from 4pm-9pm
Saturday, June 14 - from 10am-4pm
Tuesday, June 17 - from 4pm-9pm
Thursday, June 19 - from 4pm-9pm
Saturday, June 21 - from 10am-4pm
More dates will follow as needed.
You must bring a picture ID to the signing in order to get your lease notarized. All parties that own the property must sign the lease. However, you may come at different times in case all parties cannot make the meeting at the same time. If anyone is signing on behalf of a trust or corporation, you need to bring a copy of that portion of trust or corporate minutes which gives you the power to sign on behalf of that entity.
We appreciate your continued patience and cooperation.
· Bonus - $25,500 per net mineral acre (to the middle of the street)
· Royalty - 25% from Titan Caffey at no cost
· Term - 3 years with a 2 year option also at $25,500
In reaching this deal we have been provided with dates and times for signing:
Location: The Church on Rush Creek, 2350 SW Green Oaks Boulevard, Arlington, TX 76017 (located at the southeast corner of SW Green Oaks Boulevard and Bowen Road).
Signing Dates:
Tuesday, June 10 - from 4pm-9pm
Thursday, June 12 - from 4pm-9pm
Saturday, June 14 - from 10am-4pm
Tuesday, June 17 - from 4pm-9pm
Thursday, June 19 - from 4pm-9pm
Saturday, June 21 - from 10am-4pm
More dates will follow as needed.
You must bring a picture ID to the signing in order to get your lease notarized. All parties that own the property must sign the lease. However, you may come at different times in case all parties cannot make the meeting at the same time. If anyone is signing on behalf of a trust or corporation, you need to bring a copy of that portion of trust or corporate minutes which gives you the power to sign on behalf of that entity.
We appreciate your continued patience and cooperation.
Tuesday, May 13, 2008
May 13 Update
Dale Resources submitted an offer of $25,000 per acre (with lease terms to be negotiated).
We do realize many of you are anxious for this to come to a conclusion. We thank for your continued patience and understanding for this has contributed greatly in taking us to $25,000 per acre. We will provide the lease agreement and all other information as things unfold.
We do realize many of you are anxious for this to come to a conclusion. We thank for your continued patience and understanding for this has contributed greatly in taking us to $25,000 per acre. We will provide the lease agreement and all other information as things unfold.
Saturday, May 3, 2008
May 2nd Update
We have received an increased offer from Titan Resources, LLC. The signing bonus is $22,000 per acre. We feel this is a fair market value and we are accepting the offer. The Lease Agreement we will be using is the one we sent out a couple of months ago. The Lease Agreement will be posted on Turf Club’s website for those who have not seen it. Scott, our attorney, is working with Titan for signing dates and a location. When we get confirmation on the dates and location, we will post it on the website. We will also try to contact everyone by email and/or telephone. A few of our neighbors have changed their email accounts so please spread the word!! This has been a long process and we appreciate your patience.
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