How can I find out the fair market value for leasing in Miller County, Arkansas? My father-in-law has 2.5 acres and wants to ensure he is negotiating for the proper price.
Tammy:
My suggestion would be for your father-in-law to contact his neighbors who have minerals in the same area and find out what amount of bonus they received. His bargaining power will be lessened due to the small amount of acreage he possesses. Another very important factor is amount of drilling activity in the area.
Charles, Thank you so much for the information. I will pass it on to my father-in-law.