We own 321 acres of land on the Kansas/Oklahoma border in Sumner County Kansas and have recently been approached to lease it from Sandridge. I am not sure what the terms are but assuming this is a 3-year lease with a 2-year option. The leasing rate per acre is $100. I am wondering if this amount per acre is pretty much the standard rate now or not.
I haven't heard about specific lease rates lately, but overall I have heard they have gone down because of mixed results in that area. I would check around and find out what other people are getting before signing. If I was going to sign for that low of a bonus, I'm not sure I would allow for a two year option. What kind of royalty rate are they offering?
There is a Sumner County group on this message board where you might be able to get better information if you post there:
http://www.mineralrightsforum.com/group/sumner-county-ks-oil-gas
thank you very much.