Well, we just took a jump yesterday afternoon with another landmen calling to offer $2,500 NMA, 25% royalty, 3 year term. I asked about formations, He said anyone interested in our location would want rights to both Bone Spring and Wolfcamp. He said he would put together an offer letter and send it today. Guess I’ll wait and see.
We’ve only been through this process one other time 17 years ago, didn’t even realize we held the mineral rights due to inheritance, and would like to make a little more informed decision about our lease this time.
This offer is a considerable increase from the first, and with Mike East mentioning $5-6K per NMA in some areas, it seems worth investigating and knowing what we have. Like anything else, I’m sure Its real worth is based on location, timing, and whatever someone else is willing to pay.
If he does come through with an offer in writing, probably best to have an attorney look at it for us.
Thanks to all!