Question on Lease option renegotion

The company we have our lease with has requested a drop in the price per acre by $500 and extend the terms from 3 years to 5 years.  I want to know if anyone else has had to renegotiate the option to extend.

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Permalink Reply by kittycatmama on December 28, 2015 at 13:02

It sounds positive that they want to keep your lease. What parish are you in

Permalink Reply by iwana nipper on December 28, 2015 at 14:19

See if they will pay a bonus for doing this change, won't hurt to ask.

Permalink Reply by Jennifer on December 28, 2015 at 14:21
We are in Tang and St. Helena parish.
Permalink Reply by Dodobird on December 28, 2015 at 15:17
Who is the company trying to renegotiate?
Permalink Reply by Jennifer on December 28, 2015 at 15:18
Paloma
Permalink Reply by Joe Aldridge on December 29, 2015 at 1:33

Jennifer,

They currently have 2 drilling permits that were taken earlier this month. Both in St. Helena. Both are Denkmann wells in Sec 9,T1S,R6E. Evidently they are drilling from a pad.

What was your original lease for on a per acre basis? 

Personally, I might lower the per acre amount but I would stick with the 3 years. I'm an old curmudgeon and want something drilled sooner than later.

Good Luck and Happy New Year

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