Friendsville Group Payment Status
Monday, December 21, 2009
The overall Friendsville Group Deal with Fortuna, counting add-on acres, resulted in $193M worth of Lease Signings on about 1600 parcels. Landowners requested about 24% of the total payments ($46M out of the total $193M) to be deferred out of 2009 in to 2010. Fortuna plans to pay all those landowners who signed in Sep09 (and wanted payment in 2009) by the end of Dec09, that would be $113M paid out in 2009. The remaining 23% of the folks who signed after 1Oct09 or who have title issues will be paid in 2010.
About 70 files out of 1600 parcels have been identified with title problems. These Landowners will be getting a letter and a follow up phone call from Fortuna regarding the title issues. Many of these problems can be resolved, some quickly while others may take some time.
If 90 days have passed since you signed your lease and you do not have payment, then you need to contact Fortuna directly at 866-566-4747 or info@fortunaenergy.com and request status.
Thank you,
The Core Team
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