I recently bought a property in Arlington (just a single family home sitting on perhaps 1/6th of an acre) and about a month ago got an offer letter from a landman. Lease terms are:
lease bonus of $6,500/net mineral acre
3 year - No surface use lease
I've not contacted him. Are these terms decent? I assume I can get more by not jumping on this first offer, but don't know what the "going rate" is. Also, this is my first time to the rodeo. I've read up a bit and know about some things I'd want to see in the lease but would not want to sign anything without a lawyer looking at it first. However, I'd like to get an idea of how much something like this can pay off in the first place. Specifically, given the tiny amount of land, is it going to cost me more to have a lawyer look over a lease than I'll gain in bonus payment and royalties? Any insights/advice would be greatly appreciated. Thanks!