Pilgrim Petroleum Corp. (PGPM)

[Dallas66]

That brings up an interesting question. I live in the Dallas area and own several properties that I have extended lease agreements on with an oil company. My properties aren't large holdings, but I did get a nice chunk of change up front along with royalties that amount to a few hundred dollars a month...renegotiable after 3 years. After "negotiating" with the company, I found that that is a pretty standard format...up front incentive cash...then royalties along the way with an understanding that drilling will begin within a set timeframe.

I am curious to know what the cost of the leases are/where...and the cost of maintaining rights to those leases over an extended period of time. I doubt the mineral rights owner would have settled for a one lump sum and then.....oooohhhh...when ever ya'll get around to drilling wells...then you can pay me a monthly royalty....no hurry...take yur time.

I don't recall seeing ANY leasehold costs in the filings for any of the companies that has or had their grubby little fingers in this over the past 6 or 7 years.