I was wondering if any of you knew if an average lease for mineral rights in Franklin County, Mississippi at $50 an acre for approximately 3 acres (out of 16 acres) for 3 primary years, with a renewal term of $50 per acre for an additional 2 years, and a 3/16 royalty sounds in the ballpark for a reasonable lease. My share is almost 3 acres, and my siblings and mom own the other part of the 16 acres. I know by reading your internet site it can vary greatly depending on where the land is and what the company may possibly drill for, but I wasn't sure if this is way too low or whether it is reasonable.
Also, is there anything that I need to look for in the lease that a layperson might not pick up that should be of any concern?
I appreciate any help you can offer. Thank you in advance for your suggestions.