I have another question. In our initial offer, we were offered $450/acre x 60 acres for a 3 year lease. Wouldn’t that equal out to $81,000, or is my math wrong? They are saying $27,000, but that would seem to me to be $150/acre x 60 acres for 3 years, with $27,000 per year.
It is a three-year lease, it’s 450 x 60 = 27,000 for the three-year lease.
Kim,
The $450/per acre figure is a one-time "bonus" for leasing your minerals. You should also have been offered a fractional royalty percentage that would kick in if and when minerals are produced and sold.
Rick
The above is correct, however sometimes things are arranged otherwise. Read your lease carefully and make sure you understand all of the terms and conditions. Money spent of lawyers will be well spent.
Good luck,
Robert Gill