We have an offer for a new lease on Section 14, Township 8 North, Range 7 West. Current lease expires in a month. There is no production on property. New lease offer is a $900 bonus and 3/16 royalty. Within the past 6 months we have leased other property in Grady County with bonuses of $1,250 and royalties of 1/5.
Any comments/advice on new lease terms for Section 14, Township 8 North, Range 7 West would be appreciated.