Lease Rights
When i bought my property the mineral rights came with it , the land was leased for 3 years with a 2 year option after that , when the company who leased it was notified about my lease they said they paid the lease to previous owner , this was after i bought the land they paid him . in there contract they state that if there is a legidement offer made for the land to lease it they will either lease it for that or release the lands lease to whoever is offering the money . does anyone know if this applies to them since they are the ones offering alot more for the leases there now . seems like i read where a guy made them release his property because they were offering more money in his area . can anyone help me with this . the only problem i have is someone else got money that was supposed to come to me , and now this lease company is claiming they have my land leased .. thanks
Views: 36
Replies to This Discussion
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Permalink Reply by Henry on -
Bradley,
You will have better luck with getting an answer to this, if you post it on the main board. -
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Permalink Reply by Skip Peel - Mineral Consultant on -
You need an experienced O&G attorney. The Right of First Refusal in your lease refers to a top lease offer. A Top Lease is a lease executed during the term of a current lease that becomes effective the day the first lease expires. If a company should offer you a top lease, the current lessee would have the option to match that offer but no obligation to do so. They could simple allow your lease term to expire. However the current lessee has the two year extension option which, if exercised, continues the terms of the lease as if the primary term was 5 years.
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