I own mineral interest at N/2 of Section 26, Blk. 32, T1N (approximately: 34 mineral acres). Rock Oil signed/paid for an 18 mo. lease (expiring on August 15, 2017). They drilled a horizontal well during the later part of 2016 and we have been receiving royalty payments (which have been going down each month since original production royalties). A family member recently sold shares at/around 12,000 (give or take - think it was a bit more) and took the cash payout.
My question is:
1) Is 12,000 per mineral acre a good price? Or, should we ask for me (with producing well on the land).
2) How do I find production reports since the well was drilled? Is the formula of multiplying the average daily BBL by 30 or 40 a good formula to consider when thinking of holding on or taking the cast payment?
3) Our land was one of the places that SM Energy acquired at the end of last year. We were told they would be drilling a second horizontal well on our land - but, we haven't seen any movement in 2017. How do I determine if one of the permits that SM Engergy is for a pracel of our land?
4) Is there a way (RR commission site) to identify the proven reserves on the well that is currently producing?