The company we have our lease with has requested a drop in the price per acre by $500 and extend the terms from 3 years to 5 years. I want to know if anyone else has had to renegotiate the option to extend.
It sounds positive that they want to keep your lease. What parish are you in
See if they will pay a bonus for doing this change, won't hurt to ask.
They currently have 2 drilling permits that were taken earlier this month. Both in St. Helena. Both are Denkmann wells in Sec 9,T1S,R6E. Evidently they are drilling from a pad.
What was your original lease for on a per acre basis?
Personally, I might lower the per acre amount but I would stick with the 3 years. I'm an old curmudgeon and want something drilled sooner than later.
Good Luck and Happy New Year