I'm kind of new to the Oil & Gas game. I have some questions about leases, unitization, and extentions.
My family leased with PetroHawk in May 2008. There were some mix-ups in getting the money to everyone involved (didn't get paid til August). Does our 3 year lease end in May or August?
The section has been unitized and another company has permitted to drill a HS well in another part of the section (not on our land). If this other company does drill this well in the next couple of months, does that mean that our lease to PetroHawk won't expire even though PetroHawk hasn't done anything or does PetroHawk have to drill a well on the section to hold the lease?
The land is in Section 27. 13N. 12W.
From Sonris it looks like Chesapeake has a PATCO 27H well permitted for the southern part of the
section, but I can't tell if it has actually been drilled. Can Chesapeake's work hold the PetroHawk lease?
Is that how the unitization gig works for the companies?
So, really all Chespeake has to do is drill a well in the section and that holds all leases, am I right? They don't have to actually pump anything?
Thanks for your help.