Just got a check to renew my lease. Is there any way to redo it and possible get a better deal. 5yrs ago they gave me almost nothing to sign

Need some help!!! What is the going rate now?

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Permalink Reply by Nancy Mosley on August 20, 2014 at 2:26pm

Depends on how your original lease is worded.

Permalink Reply by Alan Bowers on August 20, 2014 at 2:28pm

It depends on the terms of the original lease.

However, if you deposit and/or cash that check for Renewal, then you are stuck with the terms of the old lease.

Does your old lease give the O&G company the final word on whether or not to renew?

Does your old lease give you the right to solicit another offer that the present company have to match or beat?

Go back and read over your old lease, paying attention to clauses that might cause the lease to expire.

It would probably be a good idea to have an O&G attorney read over the lease to see if they can find an out or something to use a leverage.

By using an Attorney to try to negotiate with the present O&G company you might be able to get better terms in exchange for a longer term.

Permalink Reply by James Foster on August 21, 2014 at 7:49am

If the renewal was part of the original lease you should have made sure then that the renewal agreement was satisfactory ... for example our renewal agreement was the same money but the term was only three years not five.  I doubt that you can change anything now as you signed the original agreement which probably says the company has the right to renew or walk away and you have no right to change anything.

Permalink Reply by John on August 21, 2014 at 9:34am

is the renewal only if the company has not commenced drilling on the property that is leased?

Permalink Reply by Katie Crow on August 22, 2014 at 4:12pm

Sounds like it is time to consult an attorney.

Permalink Reply by jason irvine on August 23, 2014 at 2:12am
My lease is set to expire in Jan. I am very interested about were u r located. Who the company is and when you were set to expire and when. You received the check. I wish I could help you unfortunately I am in a similar position and not sure how to change it.
Permalink Reply by moemoe on August 24, 2014 at 2:13pm

My lease is set to expire in Sept. Jason my email is moakes62@gmail.com

Permalink Reply by moemoe on August 24, 2014 at 10:52pm

Im just south of town off 332

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