Received a lease offer for:
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Section 161, Block G, W.T. RR. Company Survey, Abstract 268, Gaines County, Texas.
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Section 162, Block G, W.T. RR. Company Survey, Abstract 1205, Gaines County, Texas.
Offer: $1,500 per net mineral acre, 25% royalty, three (3) year term.
What I know so far: A drilling permit, Iron Eagle #1H, has been filed to begin the project. Operator is Oxy. Horizontal well targeted in the Seminole (San Andres) field (Sec 186, Blk G, Abst. 1711, WT RR)
Has anyone else leased anything in the area? Going bonus rates? Future development plans?