Lease option question

We signed a bad lease in 2006 with an option for the gas company to extend the lease 5 years. The primary term of 5 years is up and now the gas company is exercising the option. Can we renegotiate or are we stuck in this bad lease? Should we go to a lawyer?

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Permalink Reply by craig on August 28, 2011 at 1:35pm

I would say that you have to honor the lease that you signed. The only possible way that i can see you getting out of the lease or renegotiating one is to have a lawyer read your lease and see if there is any way out. I'd say save your money on a lawyer, unless you are talking about a larger parcel of land and/or have the $$'s to toss away incase you still have to honor it.

 

Permalink Reply by Terry W. on August 28, 2011 at 1:44pm

If you have a lease from another oil/gas company, and you have a 'right of first refusal'

but if you did, I believe that you would know.

Permalink Reply by Jim Litwinowicz on August 28, 2011 at 2:38pm
Hope they ask for you to sign an addendum or some other change.  Then it becomes a whole ne wlease and you can start negotiating then.
Permalink Reply by craig on August 28, 2011 at 2:53pm

Interesting idea, didn't think about it that way.

 

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