Unfortunately, my mother has a lease that was signed quite a few years ago with Jay-Bee that has not been drilled as of yet. Jay-Bee reliably pays her $30 every year to maintain the lease status. What happens at the point where my mother passes away? She has 4 heirs. Will Jay-Bee still continue that lease with an annual payment of $7.50 to each heir? or some other method. I’m pretty sure the lease doesn’t end upon death, so I assume Jay-Bee has to do something after we notify them of death.
I can pretty much guarantee you that the lease will continue indefinitely no matter what happens. They will definitely send you a $7.50 check to just hold onto the lease. Where at in Tyler County is the property located at? From my experience I thought that leases were only good for 3-5 years depending on what the actual wording in the lease says.
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The property is located in the far eastern tip of Tyler County along the border with Doddridge County.
I re-read the lease just now and the initial term was 3 years, with extensions when there is operations taking place. I decided to reach out to my attorney on the matter for some guidance, as I don’t think there is significant operations taking place on the property. I’ll update if things change.
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