I’m coming up on the end of the three year primary period in an oil & gas lease. The lease gives the Lessee an option to extend the primary period for another two years, and there have been no oil and gas activities related to this lease whatsoever over the term of the lease so far.
My question: Does the Lessee publicly record their decision to execute (or not execute) the extension option? If the Lessee doesn’t execute their option, is there any value with me recording a document stating such so that other companies understand my property is no longer burdened by the O&G lease?
Thanks in advance.