We previously issued a 3-year oil & gas lease which hasn’t yet been developed and is due to expire in the coming months, and the production company is now requesting to renew that lease for another 3-year term under the same terms as the original lease. Is it typical to expect to receive an additional bonus payment upon entering into a renewal of that lease?
I would ask for an additional bonus payment (might not get it) and I would use the time to get an attorney to look over the lease to see if it needs to be improved in any way. If you signed a typical first offer lease last time without getting legal help, then this is the time to get better clauses that protect the mineral owner. The clauses in the lease are so much more important than the bonus (in my opinion).
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Thanks for your input, M. Is there any specific language or clauses that you recommend for such leases?
I do not work Wyoming, so would suggest that you contact a Wyoming oil and gas attorney to get modern good language for your lease.
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