I have small acreage leased on Fayette/Bastrop county line (William Barton Survey). received first rental from Wildhorse Energy which was acquired by Chesapeake. Second rental overdue. from Chesapeake. Anyone have same situation? Any play in the area described?
I have some mineral acres in Fayette county on which the lease expired. I sent the owners of the lease (the oil company) a request for a ‘RELEASE OF OIL AND GAS LEASE’. In quotes, this is how the last paragraph reads…“NOW, THEREFORE, Argent Energy (US) Holdings Inc. for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby release, relinquish and surrender to the Lessors therein named, their heirs, successors or assigns, all of the right, title and interest of Argent Energy (US) Holdings Inc., in and to said lease.”… This was dated August 2015. I’m still waiting for someone else to contact me about leasing it again. Good luck.
That’s the same thing that happened to my mom, same time frame. Argent was the Lessee. No activity since then - had lots of activity before that.
My lease has not expired. It was made June (2018) with Wildhorse Energy after which I received an first year annual rental bonus in an amount agree to by the lease which was for a 3 year period. Chesapeake Energy bought Wildhorse earlier this year and I am assuming my lease with Wildhorse went with the purchase and that the annual rental bonus payments would continue, paid by Chesapeake for the remaining lease period of 2 years. But I may be wrong; maybe the lease was canceled by Chesapeake but I have heard nothing nor read anything in the lease document that would indicate such. . .
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I assume that it depends on how your original lease was worded. Sorry. If you didn’t use an attorney for the original lease, I would get one. I lost 3/4ths of my royalties by not using an attorney properly. This was on a lease in Fort Bend County. I will never negotiate on my own again.
Argent went bankrupt in 2016. Don’t know who got their assets if anyone. Regardless, you probably aren’t going to get any kind of release.
Jack: IMO, If you signed a three year lease last year, then your lease is still in force. Unless your lease is surprisingly different than most, then you got a one time lease bonus payment for the full three year period and I doubt very seriously that there is an annual payment. The two year provision just gives the holding company an option to extend your lease for another two years for another bonus payment which will be stated in the lease. Don’t expect to hear from Chesapeake until the original three year period is about to end and they want to extend. Good luck!