Sunday, August 24, 2008

Haynesville Shale: Lawsuit filed for recission of mineral lease

A suit was filed Thursday in Bossier Parish against Windrush Operating Co LLC, Thomas S Gaylord, Mecom Oil LLC, John W Mecom III & John H Hyatt Jr.
The suit was filed by attorney Joe Gregorio on behalf of Harry & Sherry Lou Henderson. The Hendersons granted an oil & gas lease to Windrush, represented by Gaylord and Hyatt, in February of 2005. During the primary term, Windrush assigned the lease to Mecom Oil. In late 2007 Gaylord and John Mecom III contacted the Hendersons to gain a two year extension on the lease so they could drill into the Cotton Valley Formation, which the petitioners allege was a misrepesentation.
According to the suit, they 'misrepresented to petitioners that the language of the rider to the February 2005 lease gave the defendants the right to extend the lease.'
The Hendersons signed the 2 year extension. They were paid $90 per acre for 800 acres.
Mecom then assigned the lease to Petrohawk Energy for the purpose of drilling into the Haynesville Shale.
A month later news of the Haynesville Shale broke to the public and leases in the area are now going for $15,000 per acre and up.

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