My mother had a lease agreement that went from 2012 to 2017, looks like they had an option to extend until 2022. Can I get out of that lease to sell without penalty? How do I stop another lease extension before it renews?
If the extension is part of the original lease, being that it is a contract, you are stuck with it. The lease will not preclude you from selling the interest
How will I know if there are penalties, and how much, for selling while under the lease option?
No such thing as a penalty. You may not get as much if the minerals are leased on a 1/8 versus a 1/4, but there is no penalty for selling minerals when they are subject to an existing oil and gas lease.