I have 14 acres mineral rights in Stephens county section 8. What would and appropriate offer be for a three year lease. I would appreciate any help as I live in another state. Thank you
Please give the entire section, township and range. There are many section 8s in Stephens.
Section 8, Township 2 North, Range 5 West.
You could search the public records in that county for leases taken by the company that leased you then contact the lessors and see what they offered. Its hard to determine unless you know who has been leased and have a way to contact them. You could hire a landman to figure it out. Shouldn’t take more than a couple days to get it done. I am a landman and this is what I would do. Run that company in the public records that leased you as grantee, note the people, lessors, that they leased, use an online database to find numbers for the people they leased and then call until you get an answer. I find that beenverified works great but it costs money. You could use Google and just type the lessors name in. More common names are going to be difficult to find. Note the addresses on the leases to have info to check the names with. Same name and address is usually a good indicator that they are the people that you are looking for.
There are no current leases in that section in the last two years. Leasing nearby has ranged from 1/8th to 1/4. Warwick was working in sections 4/9 to the east of you. There are Woodford horizontal wells in section 6/7 and and 9. Bonus lease amounts are not public. The closest estimate you can get is from a pooling within the last year in a section contiguous. Warwick pooled in section 9 for $1500 @1/8th, $750 @ 3/16ths, $500 @ 1/5th. Most of us would want the 1/5th as the royalties from a successful well(s) over many years would far outweight the one time bonus for the lower royalty.
If you have not leased in a while, it is wise to get a good oil and gas attorney to help with the wording as the draft lease is not in the mineral owner’s favor and needs negotiation. You can lease or you can wait for forced pooling as it has its own advantages.