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yes, we were offered $300 an acre and 1/5 RI for N2 Section 22-14S-38E by Steward Energy. What is your offer and from whom?
we have 2 offers for sec 1 15s 36e. one was for 1/5 ri, and one was for 1/4 ri, but we never accept less than 1/4. One was for $450 and one was for $750. We've found that it has never hurt us to not be in a hurry. the previous lease offers for eddy county started at $175, and ended up at $5000/nma. that's been the largest difference, but there have been several instances where we took our time and got several offers. let me know what happens with your royalty if you can.
Thanks, Mollye, I appreciate it, I will keep you informed. I agree, never in a hurry. I've been sitting on the offer since July and there is an email in to their landman, Brad Carter, for a more current bonus offer. This is our only property in New Mexico, so I am working blind with this one. My experience lately has been similar to yours with lease bonus improvements as well as RI. Upton Co Texas started at $500 acre, 3/16ths and we ended up with 8,000 and 1/4. I love my landman, Patti West, who negotiated that one! This forum and the NARO site are the ones I depend upon most for current lease offers.
I have seen offers in 10S 38E at $6,000 per nma and 1/4 royalty. And have a few offers further north and east at the rates of $750 and 1/4. I am also in line with the thinking, if the numbers are not right, wait. We are probably all in a similar situation here. My grandfather purchased these minerals back in the 40s to 50s and they have never be leased. So these are exciting times. I would say we all stick closely together and see if we can strike a deal to bring a large package of minerals to the table.
Jack, it looks like Patti West has already left you a voicemail on another Andrews Co TX lease but I have told her that for the Lea Co NM property we should work together with you, and now, Mollye Morris. What a happy coincidence again. Mary Phillips, another Mineral Forum member, also has property in Sec 33-24S-36E Lea Co in which her offer was $1,000/MA and 1/5.