Lensmans & Assoc. Lease cancellation

hello all.... We were a part of the L&A group in Mead twnshp and recently learned that the gas company has cancelled the leases due to not enough property that is clear of mineral rights. Our property and a few of our neighbors I know of do have clear mineral rights and we just don't see how they can legally cancel our leases since they were signed and notorized in December. We are not sure where to go from here. Any advice would be greatly appreciated! Thanks

Views: 782

▶ Reply to This

Replies to This Discussion

Permalink Reply by Brian V. on March 13, 2012 at 4:34pm

I assume that the company had 60-90 days to complete title searches for the properties involved before committing to pay these leases. What happened is many in this group did not have their OGM rights and thus the company soured on the deal. The company is probably very disappointed also to have invested so much time and money into title for leases they can't make a further investment in.

Permalink Reply by tonya palmer on March 15, 2012 at 5:58am
Thank you for your responses. We are in Belmont County Ohio. It worries me now that we won't have enough land to form another group due to the cancellation of our leases because so many did not have their mineral rights. But I do know that not all neighbors did not sign with LA so we will definitely be weighing our options this time.
Permalink Reply by Billy Park Whyde on March 15, 2012 at 6:09am

 They may not have had absolute mineral rights but if unitization would be required they are still in the ball park along with possible pipelines. THEY MUST RESEARCH OUT THE LEASE>

Permalink Reply by paleface on March 15, 2012 at 2:24am

  Sit tight and keep learning about the gas business,another deal will come along but you will be more knowledgeable about gas and oil leaseing next time and probably get a better lease.

Permalink Reply by tonya palmer on March 15, 2012 at 6:00am
Thanks for the advice. Your right, I would rather be more educated this time before signing another lease.

RSS

© 2025   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service