I did sign the lease back on the above date and heard no more until i received a letter dated 2/6/2023. They want an extension of 3 yrs on this lease. They stated they had been working with attorneys to clear up the ownership of the minerals which had been very complicated and taken a lot of time. Currently there is a quiet title action filed with the White County Circuit Court. Since this is taking so long there is no chance that a well can be drilled before the lease expires so therefore an extension is needed for 3 yrs. Terms are the same. Should i accept an extension? I hope someone can help me with this.
I would use the time to get an attorney to review the lease and see if you can get better clauses and more geared toward the mineral owner instead of the operator. If you signed a draft lease without legal counsel a few years ago, it is probably most likely not in your favor. I am not generally in favor of lease extensions without improvements.
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