I received a lease offer in Caddo County 8-10N-11W for three years at $400.00 per acre. Is this reasonable?
Welcome to the forum. Please add the royalty amount as offers come in pairs. Was that for 1/8th, 3/16ths or something higher? Only two leases have been filed in that section in the last two years and they were for 20% (1/5th).
Sorry, The lease is for 3/16 and this is the first offer we have received. The last lease expired four or five years ago.
Since 1/5th leases have already been filed, you should ask what they are offering for 1/5th.
The clauses in the lease are the more important issue. It is very wise to get a good oil and gas attorney to look at the draft lease. The draft lease is usually highly weighted toward the operator and not the mineral owner and needs quite a bit of editing to get more into balance.