At the end of your fixed term, if you are required to enter into a new lease agreement, it can be at whatever rate they want to set. It's a new contract that comes into existence as if there were no previous contract.
If he comes to you on June 1, I guess you'd already be into your extension term, at which point the 3 month notice period would apply, but at any time before that, the lease ends when it ends (subject to any other provision that may be in your lease agreement).
As noted, however, rent has dropped with oil prices and I wouldn't think they'd be upping it by any significant at this point.
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