Low ball offer to purchase

I have received an offer of $500 per acre to purchase my mineral rights in 2-9N-9W. I think this is way too low. Several years ago, on my parent’s property, in this section, there was an oil well and a gas well. Both have since been shut down.

Any possibility that shut down wells will be reopened?

Anyone else receive offers to purchase in this section?

TPR Midcon had some OCC cases back in 2018-19 for horizontal drilling there. Three were dismissed, but 201805888 was approved which was a drilling and spacing order for the Mississippian, Woodford and Hunton horizons. That order still stands.

Most of the activity in the township is in the southern part.

Shut down wells in that section will probably not be opened again. There is potential for horizontal drilling. Major operator in the area besides TPR is Kirkpatrick Oil & Gas.

Thanks for the information. I am not accepting that offer to sell.