Where would I be able to get a sense of what the per acre offer averages in Grayson County,TX for an oil and gas lease and generally what is the time duration for a typical lease.
Welcome to the forum. I cannot comment on the offers for Grayson, but the typical time frame for a lease is three years-five years. I prefer a three year lease. Some will have a two year extension, but I will not accept that clause. The lease is for a primary time period in which to drill a well, but a well is not required unless that is written into the lease. If the well is successful, then the lease moves into the secondary term which will continue as long as there is production in economic quantities under the term of the lease. If you have never leased before, it would be wise to get legal help.