lease extention rates

My 5 yr lease with Chief expired on June 19th. Chief has approached us with $1500 an acre for 3 years extention. Has anyone else been approached by Chief for a lease extention and what have they gotten. Our lease is for 16% at well head price, which he won't able to give us if we sign a new 5 yr lease. any advise would be appreciated 

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Permalink Reply by Billy Park Whyde on June 22, 2013 at 9:35am

Today I posted where Obama has scaled back drilling on Federal  lands , big time. I myself would hold off.

Permalink Reply by westy11 on June 23, 2013 at 7:33am

   Lease with Ches. expired early June. Offered $250 with same royalty and addendum for a 1 year extension. Dushore, Pa. area

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