Section 24, T 16, Range 15W
I received a letter today from Black Hawk concerning leasing for "up to $10,000" per acre. Does this mean there might finally be a well coming to this section? I have been leased to Chesapeake but think it may be at the end of the 3 years. They have an option to lease for $150 per acre. Does this mean I must renew my lease with Chespeake?
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on -
The standard lease extension clause would allow the lessee the option of renewing the lease by paying the extension rental bonus or of declining to renew. The offer from Black Hawk (whoever they are) is probably an offer to "top lease". A top lease becomes effective upon expiration of your existing lease to Chesapeake in the event that a well is not drilled or they choose not to renew. The letter sounds a little fishy as far as the "up to $10,000" per acre.
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