I have over 10 but less than 20 acres of land in southern cuyahoga county. Was approached by landman and offered 1/8 of production for the mineral rights. This doesn't sound like much to me.
What is the going rate? What can I reasonably negotiate? They are trying to pool land together to get atleast the minimum of close to 60 acres I think. According to maps our land is in the Marcellus Shale area.
I checked the state of Ohio website for Active wells, their is a bunch of active wells right around our area of land it appears.
Would appreciate help.
Hello…1/8 royalty share is an average amount on most “boiler plate” mineral leases. Sometimes, you can get more if the play is hot around you. It is all determined through negotiation…good luck
thanks for the reply. Within a half mile away to a mile away their is 2 wells that each have produced over 15,000 barrels of crude oil over about 25 years. Those 2 well are still producing. Only about 400 barrells per year now. Thats pretty rare around here considering I’ve checked the production on alot of wells. I"m new to this. I think 1/8 doesn’t sound like much.
Thomas Mullins said:
Hello.....1/8 royalty share is an average amount on most "boiler plate" mineral leases. Sometimes, you can get more if the play is hot around you. It is all determined through negotiation......good luck