We had a lease with tornado energy who sold out to calvin mayes in oklahoma. We want out of the lease and it has been over 5 years since it sold. With gas prices low he dies not pull much off well so we got less that $300 total last year on this lease? How do I go about getting the lease with another company that is willing to get more profit?
You’ll need to look at the lease form you signed with Tornado and see if it says anything as far as what constitutes production in paying quantities. If you signed a standard form “Producers 88” without an addendum that stipulates issues like this, you’re probably out of luck until they voluntarily plug & abandon the well.