Ratification of Old Lease

A company wants a marcellus drilling amendment for pooling through an amendment to a 1914 lease. They want us to...."ratify and affirm all of the terms and provisions of the Lease (old lease) to the extent blah blah blah and " ratify and agree that the (old) lease is valid and in effect.....

The problem is that the ONLY terms of the old lease are in one sentence and provides for only a payment of $50/well per year for any well drilled on the land. My question is whether the WV statute for mandatory 12.5% royalties would be retroactive and apply to this 1914 lease. We are having a hard time locating past payments on this piece of land. I know it is time for a good o&g attorney, but curious if anyone knows the answer to this question or does anyone know the code section of that legislation.

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Permalink Reply by Matt on August 25, 2011 at 8:53pm
We are in pultney township and there are a combined 1074 acres that equity has. our well hasnt produced a profit in years. i wish i knew someone who could help me and the others out.  our lease is so old and expired but equity says we cant touch them. I heard of a guy named larry peirgalinni who is good with this stuff is it true??? anyone have any input??

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