We are leased with Gulfport and I was told by a land man nothing is planned for our property in 2018. Hoping 2019 is the year.
I'm leased with Gulfport. I figure they will just let lease expire.
Bummer, I was hoping soon.
These companies do so much maneuvering around to arrange their specific areas. I guess everyone can't be drilled all at once ;)
Just good to know we're in a hot spot :)
You may already know this but if an oil/gas co doesn't renew the lease, it has to be officially released at the courthouse. My friends did not realize this. Once they were officially free of their old lease they got leased again by another company.
I think there may be an OH law stating an expired lease should be released of record, however, it is only a formality and once the primary term expires and there is no event to perpetuate it the secondary term then it's toast. The release being filed is mainly just a benefit to the landowner to prove that a previous lease in the chain of title is no longer valid. Any company wanting to develop will take a new lease any day of the week if they believe the previous lease expired regardless of if a release was filed.
That was not my 2 friends' experience. The other company in their area did not approach either of them until they were on record as being released from their expired leases.
They went to the courthouse and filed. They both said it was easy. They received no offers til after they had filed.
There have already been many of discussions on this subject over the years on this site.