Gas and Oil lease
I am considering buying a property that has a gas lease on it with the current owner until 2017.. If I buy the house, can I opt out of the lease when I get ownership?
Barry County Michigan
In this world of e-mail and electronic communication, an attorney, particularly an oil and gas attorney does not have to be near you, although it is more convenient. Trent Hilding works with private landowners and has spoken at a number of the MSU Extension educational meetings. He is located at Edmore. His contact info is: Trent C. Hilding, ESQ 6824 E. Lake Montcalm Rd Edmore, MI 48829 989-427-3436
The list of attorneys that state they have an expertise in oil and gas law are on the MSU Extension oil and gas web page at http://msue.anr.msu.edu/program/info/oil_and_gas. You may find one on the list that is closer to you. It is titled Oil and Gas Expert Resources for Private Landowners. If you have problems finding the document, contact me and I can e-mail it to you.
As far as the oil and gas lease that is currently in effect, I would need to read it to answer your question. Many leases state a length of term on the first page, but later in the document state that the company has the right to extend it. If the lease actually expires in 2017, you have the choice to lease again, or decline the offer, if an offer is made. It is a choice to lease your oil and gas mineral rights. If you would like me to look at the existing lease I would be happy to. There would be no charge.