I have an offer of $12k / acre to buy my minerals in Section 29-7N-5W in Grady county, OK and I would like to get input on the wisdom of this action. The price was negotiated after several rounds of offers and counter offers.
I would appreciate input from M. Barnes or anyone in the Mineral Rights Forum with either straight up information or general advice.
Some information that I gathered on this section in Grady county is as follows…Section 29 in Grady county is being held by production by one well (BOYD B TRACT 4) which appears to have been pumping the minimum volume of oil per month for many years/decades, apparently in order to hold a lease under production. CP Energy is the reporting company (note that Silver Creek is the operator) and I get a small check from CP Energy each year. One producer/operator (Continental Resources) is challenging the lease holding production due to potential substantial natural gas play in different formation(s) than the lease holding production. It is possible that these mineral acres may be opened up for lease in the near future. The leasing price for surrounding sections is anywhere from $2500 to $5,000 per NMA.