We received an offer to lease tracks in the Alexander Ranch Subdivision, Section 1,2 and 3, Block Y. Tracks are mixed. Initial offer 175.00 per and 1/5. We have almost 100 of the 467 they are looking to lease. Anyone had any offers?
Settled at 300 per acre and 1/4 for 3 years with 2-year option for 375.
Same offer from a landman in Lubbock representing Quicksilver. They moved on…My counter as follows:
$2500 per acre lease for 3 years. Or, $1000 per acre bonus for 1 year imminent drill.
No auto renewal sans production.
1/4 production royalty
A pugh clause in place and damages of .50 / barrel.
Ingress egress must be specific.
No dumping.