So glad this site is here! I have a 1 acre mineral lease from 12/29/15 with BHP Billiton that gave me a $2k bonus, 1/4 part and no production fees. I have not received any additional payment.
In the last 3 months I have been getting multiple offers to purchase these rights. Some stating up to 14K others 20K plus. I finally called one of the people that actually called me and got an offer of $7K. I see purchase quotes that widely vary, but seem to be trending upward.
1) Should I just keep this parcel and wait for a return?
2) What could I reasonably expect from 1 acre if it starts to produce?
3) Is $7K a lowball offer to purchase an already leased acre? Some of the letters I have go were up to 20K per acre.
Any feedback is appreciated!
Sections 25 and 26, block 76 Public School Land Survey A-879 A880 Loving County, TX