I’ve been contacted by a landman by the name of Roe Sams representing Dudley Land Company. He mentioned Palace Energy as the operator (?), but the Lease offer sent is between us and Dudley Land Company. Also mentioned was they would be drilling for oil despite the fact that the area in question hasn’t seen activity since around 2008. The terms offered are the following: 3 year term, $175 per mineral acre and 1/5 (20%) royalty. Property Description: 89 acres in Sec 1 of the Laurels Farm Tracts Survey, Abstract No. 1 in Nueces County, TX. I’ve been unable to find any information about similar offers involving either the Operator, Land Company or the area in question. Any help and guidance would be greatly appreciated. Thank you in advance, Wayne.
Wayne Did you get any help with your question? We were offered $50 per acre for a two year paid-up lease and it seems awfully low. Judy