Lease-Option to Extend

Betsy Thomas · 2015-11-12T16:25:55Z

Our property in Burleson County (G.B. Wrath, A-21) was leased in February of 2013 for $500 an acre for 3 years with an option to extend for $550 an acre for 2 more with 22.5% royalty (stated in the lease). We were recently contacted by someone from the company stating that our lease will come up in Feb 2016 to extend. They wanted us to know if we would be willing to accept $300 an acre instead of $550. I have been told that if the terms of the option to extend are stated in the lease, they cannot lower the terms. What is this guy trying to do here? Are they feeling us out to possibly sell the lease to another company? We need some guidance. Any advice would be helpful. Thank you!

Shales Eagle Ford Shale

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