XTO leases are ending soon
For the XTO leases that were signed in September 2011 in Wheeling, the addendum to the leases defines the date by which XTO must pay to extend the lease for an additional 3 years.However, If you check the Belmont County Recorder's records, a large number of these XTO leases were transferred to Ascent several years ago. The 200+ page filings list all of the names of the landowners involved in the transfer. You have to scroll to the bottom of each filing on your property, past all of the property owner names, to see the actual property transfer documents.
The original lease document says 6 months prior to the expiration of the lease based on the date of the signing. This date would be about March 15, 2016. However, the addendum to the lease, which also defined the payment and other protections, changed the date to the date the check was received. This gives them until about June 15, 2016 to extend the lease.
Purple Land Management, from Steubenville, OH called us last week to begin discussions about extending the lease for Ascent. Documents were promised to define terms, but the verbal indication was that they they are not offering a 3 year paid up lease at the same dollar amount as defined in the original contract. It sounds like they want to go to a delay rental and pay annually at a reduced rate.
Be careful, I am sure that there are other language terms that will need negotiation.