Leases with renewal options

Our family signed leases with Chesapeake for properties located in P.W.Harvey, M.D.White and G.H.Patterson surveys.  They are 3 yr leases dated in June 2009 and include options for 2 yr renewals.  Since they expire this June, we would appreciate knowing if anyone is aware of Chesapeake renewing any similar leases.    Thanks

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Oil & Gas ProPermalink Reply by Carter on January 30, 2012 at 14:50

Likely the renewal option will be allowed to expire by CHK with natty prices so low. There was a lot of variance in renewal bonus $$ over in that part of the county, depending on when you leased, but I don't see them coming into pick up a lot of new exploratory stuff in the current environment.

Still, you will not be tied up likely if things change over the next 6-12 months, and further you are fortunate to not have wells being pumped on you in such a bad climate.

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