First time on the forum:
Kentucky boy here needing some assistance in determining if lease offer is fair.
My family owns 100 ac in Eddy County New Mexico S24 T18S R25E. This has been in our family over 50 years and we have leased multiple times over the years but we let it lapse for the last two years. We received an offer several months ago so I’m investigating for the family what a fair lease offer would be. Some members of the family are distance relatives but others are close siblings and first cousins. I have ownership of 12.5 ac and trying to find out on behalf of myself and other family members what would be a fair net mineral acre term lease and % royalty for a 3 year lease with an additional 2 year option.
We also have 80 ac in Chaves County S34 T15S R26E but no offer to lease on this acreage for a number of years. If anyone might have information for this area this would also be helpful.
I spoke with an attorney in Albuquerque and he looked over the contract language and made a few suggestions but he isn’t a O&G attorney. If anyone can recommend one in the Eddy County area I would appreciate it.