Hi, my family has received an offer to purchase our mineral rights and I am looking for any insight as to whether it is a reasonable offer. The areas are as follows:
Section 3 19N 63W Section 10 19N 63W Section 31 20N 64W Section 11 20N 65W
In researching the Wyoming Oil and Gas website I can see that there were some wells dug around 2011-12 within a few miles away from each of the claims but they only produced about 1,000 to 15,000 cumulative barrels each and are shut now. The nearest producing wells are about 15 miles away (each producing 100,000+ barrels cumulative). There has been some permitting in our areas within the last year but no new wells dug yet.
At the end of the 2018 there was a leasing offer of $150 per acre with 17.5% royalty for 5 years plus 3 year option. No deal was made. The current offer to buy is $900 per acre.
Thank you very much. I would appreciate any general or specific advice or principles you can offer.