It's about time to consider lease renewal with Chesapeake. Three years ago we signed with 2 year option for renewal. Do we have to renew or what options do we have since drastic change from three years ago? All suggestions welcome!
Suni
Hi Randy,
Am I understanding correctly that you work for or formerly worked for CHK or Twin Cities?
If that is the case, could you tell where I can find out when and IF CHK is going to start drilling in the S14, T17N, R15W section? It was my understanding that they were going to set up a rig behind Brookshires on Jefferson Paige Road in Shreveport. I haven't seen any evidence of that yet. We signed in late August (and cashed their check!), and I am wondering how long they will take to start drilling. Can you help?
Thanks,
Becky
Look to see if any permits have been granted in that section. They may be wrapping up the leasing or dilling in locations where the leases are closer to expiring first.
The option to extend is up to Chesapeake, not the landowner. The rate should be listed most likely in the attached addendum to your printed lease. (i.e. $1500 per net mineral acre).