Recently approached to lease my partial MI on two sections, one in southern Midland and one in northern Upton County by a large oil company. Two questions to the forum:
(1) What are current lease bonuses in Midland and Upton (most sections may already be leased)?
(2) Do these lease bonuses get reduced if section is already under production from the shallower Spraberry and Wolfcamp?
As my sections are already under production from horizontal Spraberry & Wolfcamp (original leases have vertical pugh clause), this lease must be for either Barnett or Woodford play. Any input would be appreciated. Thanks in advance.