Lease terms - Section 3-3N-14E

My siblings and I have been offered $125 per acre for five years with 1/8 royalty. This is much lower than 2010-2013 but I understand that things have changed. Our rights have not been leased in probably three or more years and I'm wondering if this is the going rate or not. Any thoughts are appreciated.

Just my opinion, but I wouldn't do a 5-year lease. Nor would I do 1/8th.

Thank you Claudia - I have the same opinion.

$125 is much too low. I have a 3 year lease at $350 an acre

I would not lease for an 1/8th or 5 years. In Oklahoma, 3/16ths and 3 year leases are standard. I'm not sure about price per acre, but $125 does sound low.