# Deciphering Lease language:Sec 23:Township 15N,Range 2W (S2 South half)
**URL:** https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625
**Category:** Logan County, OK
**Created:** [August 13, 2012, 5:02pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625 "2012-08-13T17:02:31Z")
**Posts on this page:** 6
**Page:** 1
### Author:  [@Carla\_Melzack](https://www.mineralrightsforum.com/u/Carla_Melzack)
#### Post date: [August 13, 2012, 5:02pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/1 "2012-08-13T17:02:31Z")
Hi all,
As new Mineral Rights owner, could use help deciphering lease offer language. The current offer for my family’s 320 acres in Section 23, Township 15N, Range 2 West states it’s at “65.6667 ac”. What does that mean exactly? Also, what does “$2/ac delay rental” added to that mean?
Appreciate any help, Carla
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### Author:  [@Virginia\_Pflum](https://www.mineralrightsforum.com/u/Virginia_Pflum)
#### Post date: [August 13, 2012, 5:34pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/2 "2012-08-13T17:34:32Z")
Carla,
It sounds like you have 65.6667 of mineral under the 320 acres is all. Someone else owns the rest of the mineral.
Leases in this area are going for $450 to $800 per A with 3/16 to 1/5 on 3 year terms. I would not sign an extension. Sounds like a landman is really trying to take advantage of you. Wait it out for a better lease.
You may want to run the lease by an oil & gas attorney before signing if you are real new to leasing.
delay rental
1. _n._ [Oil and Gas Business]
Consideration paid to the lessor by a lessee to extend the terms of an oil and gas [lease](http://www.glossary.oilfield.slb.com/Display.cfm?Term=lease) in the absence of operations and/or [production](http://www.glossary.oilfield.slb.com/Display.cfm?Term=production) that is contractually required to hold the lease. This consideration is usually required to be paid on or before the anniversary date of the oil and gas lease during its primary term, and typically extends the lease for an additional year. Nonpayment of the delay rental in the absence of production or commencement of operations will result in abandonment of the lease after its primary term has expired.
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### Author:  [@Clint\_Liles](https://www.mineralrightsforum.com/u/Clint_Liles)
#### Post date: [August 13, 2012, 6:01pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/3 "2012-08-13T18:01:10Z")
Carla,
Do you mind stating what oil/gas company is offering you this lease?
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### Author:  [@Carla\_Melzack](https://www.mineralrightsforum.com/u/Carla_Melzack)
#### Post date: [August 13, 2012, 6:37pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/4 "2012-08-13T18:37:03Z")
Sure - company is Devon. I have actually done outreach to a couple other companies such as Blue Dolphin via Everett Nix. They aren’t offering anymore as told our particular section currently outside hot spots.
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### Author:  [@Virginia\_Pflum](https://www.mineralrightsforum.com/u/Virginia_Pflum)
#### Post date: [August 13, 2012, 6:43pm UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/5 "2012-08-13T18:43:10Z")
Carla,
If you don’t need to lease (money) right now, I would wait them out a little bit. Maybe someone else will come by and make a better offer. They will tell you they aren’t paying more or giving better offers, but if you tell them this is what you want, you will probably hear from them within a month or so.
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### Author:  [@system](https://www.mineralrightsforum.com/u/system)
#### Post date: [August 15, 2018, 3:30am UTC](https://www.mineralrightsforum.com/t/deciphering-lease-language-sec-23-township-15n-range-2w-s2-south-half/20625/6 "2018-08-15T03:30:14Z")