I just found out I have 3 acres of mineral rights at NW/4 of section 277, Block D, John H. Gibson survey, A-175, Yoakum County, Texas.
I received a call from a landman who is offering me a lease bonus of $500 per acre for a 3-year lease (I assume this means it’s $500 total per acre per 3 year period, not $500 per year for three years - can someone confirm?), plus 1/5th royalties.
I’m trying to find out if this is a reasonable offer, can anyone give me some insight, or point me in the right direction? I really don’t know where to begin.
Thank you in advance for any info!