Our old lease was for 3 years with 2 year option, leased at $5000. an acre.  Their new offer is $500.  We thought we were "locked in" at original lease price.  How does this work and what is the current lease price in this area?

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The option is theirs, they can lease or not at the stated option. It appears they chose not, and instead offered $500. So now it is your option to lease or not.
Where in Webster parish?
around Heflin. S17 9W
WE are in S. Webster Parish, no one is being leased around here. Most all were up a yr or so ago.
It appears there is no activity at all in Webster.  BEUSA has no sign of drilling either to HBP.  Our unit was pooled but leases expire in June and no activity has occurred.

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