We have been approached to sign a oil and gas lease for 1/2 section of farm property in Stark Cty. ND, The sample lease we have been given is for 3 years with a 3 year extension but it has been suggested that the extension option might not be advisable. Also it was suggested that if the company that has the lease does not actively look for oil/gas on the property but someone else is interested that you might have a clause put into a lease that would allow that. Does anyone have an example of a “good lease” that we could look at?
See a lawyer who is experienced in oil and gas leases. Too much is at stake to sign or try to enter into a lease without legal representation.