Our family signed leases with Chesapeake for properties located in P.W.Harvey, M.D.White and G.H.Patterson surveys. They are 3 yr leases dated in June 2009 and include options for 2 yr renewals. Since they expire this June, we would appreciate knowing if anyone is aware of Chesapeake renewing any similar leases. Thanks
Likely the renewal option will be allowed to expire by CHK with natty prices so low. There was a lot of variance in renewal bonus $$ over in that part of the county, depending on when you leased, but I don't see them coming into pick up a lot of new exploratory stuff in the current environment.
Still, you will not be tied up likely if things change over the next 6-12 months, and further you are fortunate to not have wells being pumped on you in such a bad climate.