I have a producing well in Section 35 under a lease with a depth clause. I have an offer from a landman representing Rimrock for a lower depth lease. Offer is $500 per acre, 3/16 royalty. Anyone else approached for this? Know what terms these deals are being done on? The offer also includes extension option, but I’ll definitely strike that. Thanks for any help.
Pat, Add the township and range. Lots of sections 35s. I always ask for the 1/5th and 1/4 options since they can sometimes pay out quite a bit more over the life of the well.
Section 35, Township 5 South, Range 3 West
To repeat my inquiry, has anyone else gotten an offer for a lower depth well? What terms? Thanks!