I am new to this forum and have been approached by a land man out of Okla. that wants to lease my 15 acres in Lea County. Specifically, Township 23S Range 35 E, sections 14,15,22 & 23. The company is Energen and they want a 3 year term with a 2 year option. Anyone who has any information about what the going rate for a lease in this area is would be most appreciate.
Thank you.
Lynn Ornat
Hi Lynn, My sister and I have acreage close to yours. We have a lease that is about to expire in February 2017 (no well). We received $400 per net mineral acre and 1/5 royalty, three-year primary term with 2 year option. We will be looking to re-lease and would be interested in what Energen had to offer if you wouldn't mind sharing that info. Thanks.
We have minerals m T24R35. I turned down an offer from Energen at $2500 per NMA. I got $4000 from Noroma out of Austin. with a 1/4 royalty.
Ken, is that $4000 pnma for a lease? That sounds like lot.
It is, and we got even more from Kaiser Francis for 10 NMA over in T24R34.
These landmen are trying to get your minerals for as cheap as they can. you can look around your holdings using the GIS map from the state. It will show all the oil and gas activity. There is a lot going on in Lea County and if you are in the right section, you stand to make good bonus money. Don't be afraid to hold out. I get low ball offers everyday to lease or sell. I would not even consider selling and will only lease for $2500 or more per NMA.
Ken, how do I access the GIS map from the state?