We have mineral rights to property in East Texas over the Haynesville shale and recently received a "PAID UP OIL AND GAS LEASE" form from NFR EAST TEXAS BASIN LLC. With the lease was a customer draft for $200 that is supposed to be a signing bonus for the 3 year term of the lease.
The terms of the lease state that the royalty shall be one-sixth of production. Our mineral rights cover 1.189 acres.
This is new to us so we are looking for info on whether this is a reasonable offer or if there is some way to go about determining an appropriate market value for what NFR is requesting to lease from us.
Is there anyone else in this area working with NFR?
Please help us out--any advice is appreciated!