Release from an Oil and Gas Lease


#1

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?


#2

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.