# Impact of low oil price
**URL:** https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574
**Category:** McKenzie County, ND
**Created:** [February 25, 2015, 5:18pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574 "2015-02-25T17:18:58Z")
**Posts on this page:** 5
**Page:** 1
### Author:  [@LynnMarie](https://www.mineralrightsforum.com/u/LynnMarie)
#### Post date: [February 25, 2015, 5:18pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574/1 "2015-02-25T17:18:58Z")
Hello, I’m a first-time poster. We are due a balance of $2,250/acre on a $3,000/acre top-lease contract on Apr. 15 and received a call from the leasing company that they can’t afford to make that given the low oil price (say they need $70/bbl to make the payment). They’re offering $500/acre to buy out the lease, which I’m thinking means we will be released from the contract and free to seek a new lease. We have 160 acres with nearby drilling, an inheritance from our mom who inherited it from a Norwegian bachelor farmer who homesteaded it :-). We work with an attorney in Watford City but I’d appreciate any thoughts you might share. Thanks!
---
### Author:  [@Alan\_Cook](https://www.mineralrightsforum.com/u/Alan_Cook)
#### Post date: [February 25, 2015, 7:11pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574/2 "2015-02-25T19:11:51Z")
Do you have a signed contract? If so, it’s a question of contract compliance. Until I’ve been notified by a court that the company has filed bankruptcy, I’d expect full payment. I don’t believe a word uttered by any of these characters. The oil business is the liquid version of a shady used car lot.
---
### Author:  [@LynnMarie](https://www.mineralrightsforum.com/u/LynnMarie)
#### Post date: [February 25, 2015, 7:31pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574/3 "2015-02-25T19:31:32Z")
Yes, signed contract. Thanks, Alan.
---
### Author:  [@M\_Barnes](https://www.mineralrightsforum.com/u/M_Barnes)
#### Post date: [March 2, 2015, 6:44pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574/4 "2015-03-02T18:44:01Z")
I agree with Alan. Go for the complete amount. Do NOT let them "buy out" the lease without talking to an attorney. It may confuse things and nullify your first lease.
---
### Author:  [@system](https://www.mineralrightsforum.com/u/system)
#### Post date: [August 14, 2018, 11:52pm UTC](https://www.mineralrightsforum.com/t/impact-of-low-oil-price/7574/5 "2018-08-14T23:52:13Z")