Contract Terminology

i signed a contract 3 years ago for a measly $100 an acre and 20% royalties. my contract is up at the first of august. they have drilled a well but have not frac or anything yet. my contract states they must be producing oil gas or hydrocarbons by the deadline. do i have a chance of the term producing meaning actually producing gas in the pipeline for payment? do i have a chance of resigning a big contract like the rest of you guys?

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Permalink Reply by steven poe on July 20, 2008 at 15:37

more that likely you are out of luck, Spudding a well usually constitutes production, in which that will hold your lease.

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