California Resources Corporation (“CRC”) is the California spinoff of Occidental Petroleum. Vintage Petroleum was an Oxy-owned company. It is now either California Resources Petroleum Corporation or California Resources Production Company (either way, “CRPC”). We are relatively surprised as well that CRC and/or CRPC are renewing leases but this shows their intention to retain the property in hopes that prices come back a bit and that they will have had the forethought to keep the property to explore at that time. I cannot tell where your property is located nor do I know how much acreage you have, but the rent and royalty seem fair.
Unless you have others seeking a lease, you may wish to go ahead and renew your lease. I would not do so for more than about 5 years, however, so that you’re not locked in for too long.
Good luck!