I’ve been approached recently to lease my partial MI in a section in northern Upton County by a large oil company. Two questions to the forum:
(1) What are current lease bonuses in Upton (most sections may already be leased)?
(2) Do these lease bonuses get reduced if section is already under production from the shallower Spraberry and Wolfcamp?
As my section is already under production from horizontal Spraberry & Wolfcamp (original lease has vertical pugh clause), this lease must be for either Barnett or Woodford play. Any input would be appreciated. Thanks in advance.