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Permalink Reply by Kassi on August 16, 2008 at 3:38

I have some friends in a similar situation. The larger O&G company did purchase the leases from the smaller O&G company but they plan to drill before the leases run out so they are not willing to top lease. I am afraid you may be stuck if anyone drills before 2010.

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Permalink Reply by Grice on August 16, 2008 at 3:54

Unless the extension was guaranteed under the original contract, you would have been free to decline. They would have needed to write a new contract if they wanted to preserve the mineral rights.

However, if the extension was protected under the original contract, they would not have needed to ask you for the extension, which lead to the thought that it was not a contractual obligation. They would have been within their rights to claim the extension without your acceptance (since you previously agreed by signing the original contract).

Being as you accepted the offer, you are "locked" into the terms of the original contract.

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Permalink Reply by Big Red on August 16, 2008 at 4:12

Sorry for all the questions but like I said I don't know the business. I will dig all the paperwork out and start reading I guess. How do I find out if St Mary's has sold the lease to someone else? Do you go to the Caddo clerk office to find out who owns the land next to you? I have a couple maps I think that might show original names of property owners but most likely they don't own the property anymore.

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Permalink Reply by Grice on August 16, 2008 at 7:11

Since St. Mary holds claim to your mineral rights, they are under no obligation to retain them. They may sell those rights to another company, and that new company would be bound by the same terms of your original agreement. I am perplexed as to the desire to locate information about neighboring landowners. With you currently under a lease with an O&G Company, any information pertaining to neighboring properties would not apply to your situation.

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Permalink Reply by Big Red on August 29, 2008 at 15:45

Grice, Why are you so perplexed to me wanting to know who/what neighboring landowners are doing? My main reason is since I don't know the area maybe they can tell me what is the talk around the property location. There are some big pieces of land around me and most likely they have been contacted by somebody. It would be nice to know if St Mary's has sold the rights to somebody else but unfortuneately nobody will call you back.

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Permalink Reply by Grice on August 29, 2008 at 17:41

I think talking with your neighbors would be a good idea. I simply did not understand the need to perform your search at the clerks office, when a simple knock on the neighbor's door might provide the same (and faster) results.

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Permalink Reply by po boy on August 16, 2008 at 11:24

Consider it a bird in the hand,

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Permalink Reply by Two Dogs, Pirate on August 16, 2008 at 13:16

$750 sounds like a good deal for March 8, 2008.

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