I'm getting solicited by Continental for a couple leases. They've offered $2000/acre and 3/16 for a 3-year lease. They've also offered $1500 with 1/5 or $250 with 1/4. Do those seem reasonable?
The properties are in Stephens County S3-T1N-R4W and S1-T1N-R4W
Wild guess it's Oklahoma, but what township and range?
MY OH MY,
You may be sitting in the drivers seat. Newfield out of Tulsa has staked 12 Horizontal wells north of your Section 3 in the southern part of 2N-4w and has also completed some Horizontal wells in the immediate area at over 600 bopd tests from the Woodford. Continental, Marathon, and Chesapeake are also active in the area. You may be deluged with offers to buy but are in a better position to pick the best operator and dictate the lease terms you want. It may be premature to make a royalty decision and length of lease and you may want to make separate leases for the two sections. If you have considerable acreage and want to make an educated gamble, you may be very creative about committing it. Take your time and get what you want. Patience will be rewarded in my opinion, If you lease, maximize your opportunities by dealing directly with the operator.
This will be fun to watch.