Can a lease be renegotiated?

Can a Oil/gas lease be renegotiated if there is a change in ownership of the property. We are currently getting 1/72 on a lease which was signed in the mid 1960’s by my husbands grandparents. We now own the property as they are deceased. The property was for sale and we bought it. The oil wells are in Perry County, Kentucky.

Most likely not, but it can never hurt to ask.

Welcome Ms. Hamilton, and happy Easter!

Actually even though it was my husbands grandparents, we purchased the property at a public auction as it was for sale. So it wasn’t inherited, we purchased it. I didn’t know if that would make any difference in a a re- negotiation.

The lease stays with the minerals for the term of the lease.

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