How many others out there have yet to be drilled and are coming up on their 5 year renewal date? Our lease was effective 12/30/2010, so this December our initial lease agreement expires. How does one know whether Gulfport will let it expire or pay the bonus to renew it? If it expires what do I need to do to clear the initial lease from the deed.
Gulfport just renewed our lease in Belmont County.
What twp are you in & how many acres do you have? Did they contact you about renewing or did you contact them? I just wondered as we seem to be the hot spot for them right now. Not sure if I should call and check or just sit back and wait?
We are in Richland township with 150 acres. Our bonus is really, really small per acre so I'm sure it paid them to renew. They contacted us. If you have a poor bonus, you may want to hope they don't renew and you can then get another contract with better terms at some point. Renewals just give you the original bonus. I would not contact them if I were you.
If they don't renew it by then, it's null&void, you'll be free to lease to another company.
If they don't renew, the lease will terminate, but you'll want to ask Gulfport to file a release at the courthouse so you'll have an easier time leasing your mineral rights in the future. Otherwise, any future lessee may question whether Gulfport renewed the lease or not. Always get a release when you can to clean up your title.
you would also need to send a letter by certified mail to Gulfport in order to be released. I would send it after the 5 year term is up stating your land is not being drilled under and your lease was not renewed, and you wish to be released. I had to send them a letter by certified mail 5 years ago to be released when they never paid on first 5 years , they released me after about 3 weeks with no problem, but im not sure how the renewal process is going to work mine is up in about 6 months so let us know.
A lady friend of mine has the same lease expire date but as of 12-15 she has not received a renewal payment. One of her friends that lived in the are said that his lease was traded from Gulfport to Chesapeak. I can't believe that she would want to even be paid if they were going to do that. Has anybody out there heard about that? This would be in Flushing Township.