Just wondering if anyone is aware of any activity in this area. Got this offer last week. Tract 1: N/2SE/4 of Section 20 $350.00 per net acre 3-year term + 2-year option 22.5% royalty
I’m familiar with some leasing happening a little south of here. Who made the offer if you don’t mind me asking?
Just some little land company I’ve never heard of.
Got it. The terms seem pretty good for the area.
Appreciate it. I was going to ask for 1/4 royalty and not sure about the 2 yr option. Some on these forums have said no to that
I’d ask for 1/4 royalty at the very least. We leased in 2019 to Steward energy for 800 pnma 1/4 royalty, 3 year lease and parts of our addendum. This was for section 23 t13s, r38e Lea county. Steward has drilled 2 wells that are producing.
Did by chance you get the offer from Turner oil and gas? We have, so far their not willing to negotiate so no dice on other interests in 13s, r38e.
Thanks for the info Rick that is very helpful and it must be close by. I will have to ask the landman for more information because it shows a land and title company on the lease. I am wondering if they are leasing and going to lease it to someone else after we sign? I don’t see the name Turner on the letter or lease. I guess I shouldn’t expect 2019 bonus money but $350 seems awful low.
We have some older low vertical production in the NE/4 of 20. That area may harder to get more money. I personally do not like options and have never leased that way and never will. Not sure if the feds have any interest in this section. If so, Biden may put a severe cramp on future regulations.
I meant elite title and land not turner. Received a call from another company copperhead resources in section 18 t13s, r38e. Hopefully copperhead will return calls and respond to counter offers…
N/E 1/4 of Township 13 S, Range 38 east, Lea Co leased to Elite Title and Land for $400/acre plus 1/5th in late 2020.
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