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It sounds like there is probably a lot left on the table with that offer, both from a royalty and a bonus perspective. You might consider reaching out to the forum sponsors to see what lease prices they're seeing in that area.
At the very least, you should be at a quarter royalty.
Best of luck!
First tell the landman that you will not respond to any offer that is not in writing and specifies term, royalty, depths, lease form, etc. Ask who he is representing. You do not want to have anyone claim that you agreed to terms based on verbal conversation. Second, royalty rate should be 25% in Ward County. 3 year term with no option period is most common. Third, bonus depends on whether you are leasing only shallow depths (Delaware Mountain Group) or if it include the Bone Spring and Wolfcamp formations.
Good advice from both. My property is West of yours.
I have had written offers to lease from $5000-6000 per nma. Your offer is a low ball trying to steel your lease and will then sell to an oil company for large dollar amounts. Don't do anything without an attorney representing you as there are more lease concerns in a contract than what a landman will present you, don't sign any documents from the interested party. You have heard of people flipping house for profit, that is what these low ball offer are trying to do to your mineral rights.
There have been many comments in this forum about minerals, etc,, you should go back several pages and read what has been discussed maybe a year or two.
3 year lease, no option and 25% royalty. Also new leases are being negotiated by field formation. Don't give a total depth lease "from the surface of the earth to middle earth or you will give up valuable mineral rights. Current leasing in my area is for the Wolf Camp formation.
Don't rush it as there will be more offers. My attorney advises to wait and see. Also Tell the landman his offer is quite low and see what he does. Mention you have much higher offers, the 5K or 6K per nma and see what they do. Tell anyone you deal with that your attorney will advise you on final decisions before any documents are signed. The leases presented to me were for the Wolfcamp field only so the Bone springs should be worth more. Lease them "EACH" not together if you can? Keep all minerals below Wolfcamp. I have also had offers to purchase all the mineral rights at $21,000 per nma in writing. The landman will pressure you for a decision, I told most of them it would take me 60 to 90 days of research before a decision would be made, I am still working on it.
Do not quote bonus offers that you have not received. You can tell landman that you consider the bonus to be low. Bonus is not uniform throughout the county. I think that you need to look at this very carefully. Endeavor is operating the Kellison Unit on Section 75, Block 34 and reported 37 mcf in February 2017. Volumes for last 12 months were a total of 1,032 mcf which does not look economic. Are you being paid royalties on this unit?