I have been offered $500.00 per acre, 3/16, 3 yr primary term with 3 yr option at 150% of leasing bonus. How does this compare with other offers?
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Sounds good , but I would not go for that (3) year option! Good luck
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It’s all about location, but that sounds cheap. Don’t do the 3 year option. If you will list your legals someone here can tell you what’s been going on in the area.
29-12N-14W, Custer County
3/16ths is common in the area. No leases have been filed in that section in the last two years, but there have been some immediately to your west in section 25-12N-15W. Are you sure you can lease? There are two active gas wells in that section which may hold it by production.