neighbor got renewal letter and check to extend lease for 3 more years.this is in nottingham twp.leased with cheasapeake its odd because lease isnt up till 4/16/16.anyone else get renewed.still waiting myself
They sold out to Encino
thanks bo, i did see that. just wonderin if thats what the letter is about.
they letter contains a consent form to be signed and returned.......my letter states "The lease requires us to notify you of an assignment and request your consent to the assignment"....i have an alov lease, and i remember that they were supposed to notify but i don't remember that they are supposed to request my consent....i will take a look, but imo the consent is not relevant....i don't believe i will be signing anything.....
i think they are supposed to provide us a new contact in the event of an assignment, which i will ask for.
I also have alov lease and it expires 4/16/19.so I don't think I will sign either because I don't think they will have the drill bit in the ground by then as I haven't heard of any activty in the area. was also thinkin if they buy from ches. at say 5,000 an acre, they prob wont want to pay that much to renew in 8 months. would rather let it expire then lease with someone else who is willing to pay ME 5, 000 an acre.what do you think. thanks for the reply
These people are slick. Sometimes signing something will be the wrong think to do. then sometimes Not signing may be the wrong thing. Better wait till someone,or a group of some people who are in this boat, get good legal advice 1st.
....my alov lease says
"The rights and estate of any party hereto may be assigned from time to time in whole or in part and as to any horizon, subject to the written consent of the lessor. Lessor's consent shall not be unreasonably withheld, conditioned or delayed."
......i read this as - they need my consent, but i have no choice but to give them my consent.......doesn't seem to make much sense.
I got a certified letter form CHK on Saturday . There is a release to sign and return regarding the sale of Ohio assets to Encino.
I put this on the Home page, but just in case you missed it there here's a nice article on Chesapeake/assigning leases.....