Do you get paid bonus when company extends your lease

Bfwynn2012 · February 17, 2020, 1:14am

my family has mineral in 10 05n 05w our leases where with Anadarko which sold to Camino do they have to pay for extending lease.

Dusty1 · February 17, 2020, 2:43am

Depends on the terms that were negotiated in the lease.

If it included an option to extend and the operator/lessee elects to exercise it (that’s their option, not yours) they typically are required to pay some additional bonus. That’s probably covered in one of the last paragraphs in the lease agreement.

As long as they are still within the primary term of the lease an assigned from one company to another wouldn’t require any payment, only if they then use the option to extend the original lease term.

TODD_M_Baker · February 17, 2020, 2:45am

Bonnie- I did a quick search of the records for Section 10 and it looks to me that your interest was leased in March 2017 by TEP. Although Anadarko did operate some wells in the N/2 of the Section, the section entire section is part of a multi-section production unit has been drilled by Camino. There are 2 wells that are probably producing or in the fracking stage. You should be seeing division orders on those 2 wells in the next 3 or 4 months. That said TEP is who your current lease is with and because of the new wells, there will be no need for any extensions. Your TEP lease did not have any extension language so I am not sure why you are thinking that anyone would pay to extend the lease. Hope this helps.

Bfwynn2012 · February 17, 2020, 7:16pm

I am new to learning about minerals. I had no idea there was so much involved in it. I just thought oil companies had to do the right think!!! Big joke!!! I thank each and everyone for there help

TODD_M_Baker · February 17, 2020, 11:14pm

I personally don’t think any oil company has done anything wrong in this case.

Bfwynn2012 · February 17, 2020, 11:28pm

You have miss understood me I am not saying they did. Was just a general statement. Sorry if I stepped on anyone’s toes. I am just trying to learn

M_Barnes · February 18, 2020, 2:36am

There are some good resources for new mineral owners. All of us started at zero. The Mineral Help Tab above is a good primer. The Oklahoma Corporation Commission has a booklet for mineral owners. OG Publications. There are some good books out there if you want a few references.

system · May 17, 2020, 1:15am

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