Signed a 3 year lease for section 10, 19N, 6E back in June 2011 and lease will expire June 2nd. How can I find out if this will be extended? Also if anyone has any information about this area please let me know. Thanks!
Sara I checked the OCC website and there has been no new Activity in the 19N-6E in the last 5 or 6 years. No leases signed in section 10 since 2011. Crown resources has filed some leases this year in sections 14,27,29.
Sandra:
You could contact the operator either via email or phone. Was there a lease extension clause in your existing lease? From the information provided by Mr Pruitt, sounds like activity in the area is slow but you never can predict what seismic tests, etc. might reveal in the future. I would not worry and when the lease expires, if interest in the area is still present, some landman will contact you.
I would check the lease document for a section on the "option to extend" Having been through this process a bonus amount for the option to extend, typically, should have been negotiated at the time the original lease was signed. In my case the Operator exercised the 2 year option to extend by paying the bonus amount one month prior to the expiration of the primary term.