Thinking About Signing a New Lease? You Better Read Every Line!
The newest lease to cross my desk was for a time period of (3) years. We didn't want an extension clause because we want them to drill. So what did they do to try to get an extension? Write in a clause saying that this new lease would auto renew every 90 days for $1.
After reading some of the post here on GoHaynesvilleShale.com and dealing with some of the new land man. I'm losing all trust in these oil companies to do the right thing.
The standard oil and gas lease we have all seen for many years is now gone. Don’t think you can trust anybody. If you can’t read the lease and understand it, you better get someone that can to look at every line.
My response to this oil and gas lease is I’m now demanding double what the bonus payment was agreed on. This oil company has had this tract under lease on and off for the past nine years. When they signed the last lease on this tract, It was for 1 year and without a bonus. They said they had the money and where going to sink a well if we signed the lease which was a lie.
If they are not going to drill on a tract then they should not lease it. My time is worth money just like theirs. If they are going to waste my time and try to cheat us then they are going to have to pay more in order to lease it.