lease expiring in Webster in 2 weeks - new offer by Petrohawk

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?

Views: 169

Replies to This Discussion

Permalink Reply by W Sharp on May 4, 2011 at 15:41
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.
Permalink Reply by JM on May 4, 2011 at 15:57
Where in Webster parish?
Permalink Reply by 221caribbean on May 4, 2011 at 16:08
around Heflin. S17 9W
Permalink Reply by Anita Goodson on May 5, 2011 at 4:31
WE are in S. Webster Parish, no one is being leased around here. Most all were up a yr or so ago.
Permalink Reply by LWC on May 11, 2011 at 3:10
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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