Posted by John A. on April 29, 2011 at 22:06:33 from (76.1.122.180):
In Reply to: oil lease question posted by notjustair on April 29, 2011 at 18:34:34:
notjustair, Get a good Oil & Gas Lawyer to look at it. But in my Opinion it is a option lease, The oil company was just tying up that parcel with many others back in 83 to keep some other company from getting the lease later! They paid the first year and didn't reup the following yrs for No more money changed hands. Any way most leasees stipulate a length of time and drilling has to start before the end of the contract or it is Nill and Void or more money needs to change hands again. 2 yrs ago we leases to have ours place seismographed. They had 3 yrs to complete the work and it was over. Made a hansom amount for them to drive the train of 3 trucks all over our place and do the shake and thump thin they do. Hope this helps. Later, John A.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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