The .042 was just a truncated number to make reading my post easier. It’s an 8-digit decimal. My father was one of 13 kids but not all get my grandmothers part! Anyway, I understand your example calculations, so thanks.
Re: “Newer leases will have a 25% royalty”: That’s interesting. The 1983 lease on S/2 was 3/18 royalty, and the 2014 lease which covers the whole SW/4 (but they put a Unit/well on the north-half) is also 3/18. (Weirdly, the old S/2 well still dribbles out a bit of oil and is still on the tax rolls.)
My concern is this: I spoke to a mineral buyer who seems savvy and is not bidding on my interest. He has given me good info in the past, when I was not selling. He said that RI was going for “low twenties”(per NMA) in the general area for RI at 3/16 rate. I wondered about that royalty rate changing in the future and I believe he said no. Because the current operator would transfer the lease to a new operator who would pool more acreage to drill a horizontal well.
Re: “Make sure that the highway ROW includes minerals, as i have several properties that the ROW is a surface only easement, and I still own the minerals beneath it.” This is important. I have been able to find all the conveyance docs online. But I couldn’t find info about the ROW. Any tips?
Thanks again!