We recently received a letter from the Onshore Leasing Corp of Bakersfield offering to lease our 160 acres (gross) parcel at Township 20 South, Range 18 East in Section 34 of Kings County.
The offer was for a 5 year term, paid in advance, at $40/acre/year plus a 1/6th royalty.
I would appreciate any feedback as to the current production in that area and whether or not the offer is reasonable for that specific area.
Does anyone have any experience with Onshore Leasing Corp? Are they a serious player?
Like many of you, we live a considerable distance from the property and therefore have no current first-hand knowledge of the local situation.
Any help would be appreciated.