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Permalink Reply by Mike Murphy on July 14, 2015 at 12:09pm

it is all stated in your original lease as to what will happen at the 5 year mark ..............bonus money per acre is just a drop in the bucket to the total money per acre will amount to when that acreage is drilled   the lease you have will probably be released by Gulfport at the same terms as original .....for onr thing why would they

purchase leases then just let them expirer .......another thing is people leased 5 years ago thinking there was only one formation under them but now we know there is more hen one good pay streak so if they went to renegotiate they have to lease by formation instead of everything in one lease.....  be put them  in a more costly situation per acre   also it would put open season on your acreage for others to out bid Gulfport ..........I have a lease with southwestern in marshall county wva and have spoken with them  {lease expires in dec}

I was told that they are releasing and I should be contact in sept or oct to do so

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Permalink Reply by Barry D on July 14, 2015 at 3:09pm

Unless there is language in the lease that states an effective date, the effective date is the date of signing.

Your five years began on the date of your signing ( 12/?/2010)

Therefore your renewal date will be in December of this year.

Assignments have no effect on the effective date or the renewal date.

Whether or not you may anticipate a renewal bonus payment depends upon the need of the company for your lease.

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