I recently bought some preperty in Columbiana County and came to find out that a prior owner entered into a lease with Youngstown Sheet and Tube in 1974 for the oil and gas rights. The lease has many "outs" in it such as the lease shall terminate if no well is drilled within one year, etc. The company that leased the rights went bankrupt in 1977 and I can not find any new assignement of the lease from them to another company, heir, etc. There has never been a well on the property, no work was ever done, so my questions are, how do I get them removed, and will a company lease the property with this old lease on it? I was alos wondering if anyone has heard of any company buying more leases in Columbiana County?
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