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Author Topic: Renegotiating lease  (Read 409 times)

aja458

  • Posts: 2
Renegotiating lease
« on: December 07, 2017, 03:23:46 AM »
my lease ran out in april 2016. had a 5/5 lease but they didn't renew it.
yesterday I received a packet from cabot with paperwork to start a new lease with $1000 per acre and 15 percent royalty. I never talked to anyone from cabot about this.My questions are is the offer in line with others and is this the way they do business now? they also put a 12-31-17 deadline on offer. I am in lenox township in Susquehanna. by the way the old lease was 6k an acre and 21 percent. any chance if I don't sign they will up the offer? hate to leave anything on the table.
« Last Edit: December 07, 2017, 06:45:20 AM by aja458 »

ap

  • Posts: 773
Re: renewing lease
« Reply #1 on: December 07, 2017, 04:07:01 AM »
Where in Lenox Township?  Those first lease numbers are the best I have heard of.  ap

ghrit

  • Posts: 3211
  • Member since October 05, 2008
Re: renewing lease
« Reply #2 on: December 07, 2017, 05:13:58 AM »
Seems to me that an unsolicited offer with a deadline is simply an attempt at opening negotiations.  If it's worth 1000 to them AND they sent you a note, you can bet that the offer is not firm, and neither is the deadline.

At the risk of stating the obvious, this is NOT a renewal, but a whole new negotiation.
« Last Edit: December 07, 2017, 05:15:32 AM by ghrit »
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

insuranceman

  • Posts: 1359
  • Mem. May 9, 2008
Re: renewing lease
« Reply #3 on: December 07, 2017, 06:10:09 AM »
Not hard facts, but reading on hear, the handful of new leases seem to have been closer to $1500/ 17%, I would try to bargain a little more.
From May 2008,A long learning experience.100 plus acres in Susq. Co. core.,

aja458

  • Posts: 2
Re: Renegotiating lease
« Reply #4 on: December 07, 2017, 06:55:58 AM »
The offer came with paperwork to be notorized if I accepted and a contract.
I have land not far from stalters pad.

macal

  • Posts: 9102
Re: Renegotiating lease
« Reply #5 on: December 07, 2017, 07:09:20 AM »



  You are sitting one of the best gas deposits in the world.
 

ghrit

  • Posts: 3211
  • Member since October 05, 2008
Re: Renegotiating lease
« Reply #6 on: December 07, 2017, 09:47:52 AM »
The offer came with paperwork to be notorized if I accepted and a contract.
I have land not far from stalters pad.
THAT would indeed make their job easier.  Methinks you would do well to prowl this site for some hints and tips on what to look for in leases and addenda. There are really too many threads to even attempt to list here.  DO NOT SIGN A LEASE WITHOUT LEGAL ADVICE.  You may not need an attorney, but for certain you need someone looking over your shoulder that knows something.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

GONRA

  • Posts: 237
Re: Renegotiating lease
« Reply #7 on: December 07, 2017, 02:51:42 PM »
GONRA sez - FOLLOW THIS ADVICE!

270sniper

  • Posts: 135
Re: Renegotiating lease
« Reply #8 on: December 16, 2017, 10:48:06 AM »
I would hold out.  I bet they get back to you with a new offer.   When my lease expired Cabot wanted to renew my lease with an amendment lease and offered me half of what I received with the Friendville Group for two yrs.   I accepted because they had started working on a nearby well

 


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