Wanting to know price per acre on this area as it has not been developed in 100 years and we are family heirs. A contract is forth coming from Apache Abstract 3888
Lease or purchase value per acre?
lease per acre for 3 years
I have been researching this subject and found some information. The State of Texas owns the minerals under section 17, but the surface owners act as its leasing agents and receive half of the bonus and royalties. Such lands are called Relinquishment Act Lands or mineral classified lands and are administered by the Texas General Land Office (“GLO”). The GLO must approve all leases on these lands and eventually makes the leases themselves available to the public in PDF format.
In other words, you can see who has been leasing on section 17 and what they have been paying. So far only Apache has leased there, beginning in mid-2016, and has paid bonuses of $800 to $1000 an acre with a 25% royalty. There is a considerable time lag between the taking of a lease and its appearance on the GLO system, so we don’t know what they are paying currently. The most recent lease shown is March, 2018, and Apache has since commenced a couple of wells within a mile or two.
You can see the lease files by starting at this page:
To see PDFs of the leases, click on the file number under related leases. MF118437 and MF118540 have leases that specifically relate to the NENE.
I would also recommend this page, which leads to the GLO guidelines on leasing mineral classified lands: