I have a offer from Blackstone for leasing minerals in 17N-12W-12, I am wondering what would be a fair offer? They have offered $500 per acre and 3/16. I feel this is a low offer, would like insight about true valuations.
I love this forum, I have learned so much so far, and a lot more to learn.
I appreciate any opinions. Thank you.
Welcome to the forum Mary! I looked at several force pooling orders around Section 12-17N-12W to see what type of bonus was being offered. I found several force pooling orders from 2017 that had elections for $4,600 an acre at a 3/16 royalty, one was even for Section 12-17N-12W. Keep in mind that oil prices are down and I don’t know if you could get that much today, but I would definitely ask for more.
Hi Mary- I own in this section also, but haven’t seen any offers yet. This is probably a little low, but we won’t see the prices in this area like were paid 2-3 years ago. Competition drives lease prices and there just aren’t many companies leasing or drilling in Blaine County now due to lackluster results. The price of oil & natural gas are also dampening interest in the area. (I have relatives named McClarty that are from Hitchock. I used to live in Watonga). Good Luck. Todd M Baker
Thank you for the information. I did ask about a better offer at which point he hung up on me. I am aware that we are not going to get the same bonus as last time, just looking for a fair offer. I will just wait and see.
Todd, I graduated from WHS in 1967 and with a few exceptions have been away since then. My mom and dad were born in Watonga and my dad passed away there in 1984, while my mom died in Washington State where my brother and I live. My last name is Dennison and my mom’s maiden name was Sims. I had many family members living in Watonga but there are none left. GO EAGLES!