My lease is with Gulfport, I received information that some of my property might be going into an Eclipse well unit. Does this void the renewel of my lease with Gulfport next fall. I know read my lease, those with that response need not reply
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The option to renew (assuming it is written into the lease you originally signed) will be available to whoever owns the lease when the renewal needs to be executed. Doesn't matter if it is the company you leased with or another company that was assigned the lease.
if any of your property in your lease is included in a drilling unit that will make all your property in your lease HBP and you will not be renewed
Mike,
That's not exactly true, it depends on how your lease reads. I had a old boiler plate Phillip's lease of a whole two pages and Rex put 33 of my 45 acres into a unit. The lease expired and they lost the acerage that wasn't included in the unit. It reverted back to me and I resigned with them 4 months later with better terms.
Are you part of the KWGD landowners group? Is there a "Pugh Clause" in your lease?
If it is in your lease that you have to be notified you will be. Otherwise no they don't have to notify you.
The grapevine has in in Monroe County that Eclipse has notified several people by certified letter that they have been transferred to Triad Hunter of Magnum Hunter.
Very interesting, I've been wondering what happens if MH goes bankrupt and the unit I'm in is an Eclipse lease.
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