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Permalink Reply by Philip Brutz on September 25, 2014 at 5:48am

What is the exact wording in your lease?

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Permalink Reply by Glenda Klempay on September 26, 2014 at 3:47am

term is 5 years.  Lessee may extend the lease for additional term of years, extending the primary term of this lease to a total of 8 years by paying Lessor 3500.00 per net acre it states. On one page it mentions gas below the top of the Rhinestreet formation, does that include Utica?  I guess Rice Energy is planning a well near Eighty-Four now also.

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Permalink Reply by Dexter Green on September 26, 2014 at 3:56am

Yes, the Utica is well below the Rhinestreet.  That language means it covers Rhinestreet, upper Devonian, Marcellus, and Utica.

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Permalink Reply by James Foster on September 26, 2014 at 1:38pm

Lessee may extend the lease ..... this means that the company may choose to pay you a second bonus payment to hold the land for an additional three years from what you wrote. Or they may choose to walk away. If they choose to walk away then make sure you get in writing at recorders office that the lease is released. The words released were literally stamped on an old paper lease. Now with compurized records it may just be a paper filed showing the lease has ended. Companies are notorius for failing to do this then later trying to trick you into reupping the lease by sending a $10-50 check which most people will run and cash thus renewing the lease.

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Permalink Reply by Glenda Klempay on September 29, 2014 at 2:34am

Thank you. Appreciate the info

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