I have rights in McClain County, section 20-07N-02W and 29-07N-02W, and am being offered $350 per acre and 3/16. Is this reasonable and how do I find out what current lease rates are?
There was a pooling filed in March in section 27/34 (a mile east of you) that went for $300/ac 3/16th. Seems like the fair market rate.
I always ask what they are offering for 1/5th and 1/4th. 3/16ths would be my minimum. Also, the draft lease will not be in the mineral owner’s favor. It will need negotiation.