I received a lease bonus offer on NE/4 Section 11, Township 12N, 26W for $1,000 per acre @ 3/16 royalty. How do I determine if this is a fair offer? I researched the OCC website and found only one well ever drilled in that section, a dry hole in 1982, but I see adjacent sections with producing gas wells. Any help would be appreciated. Thanks in advance.
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Welcome to the forum.
I do not see any new leases in that township in the last 24 months. However the leases in the township to the east range from 3/16ths to 1/5th to 22%. I always ask about the 1/5th and higher royalties as 3/16th is a usual floor for me. There are active permits and wells in 12N-26W. Most of us would prefer a higher royalty as the royalties from a productive well(s) may far outweigh the one time bonus for a lower royalty.
I really appreciate your kind, helpful response! Does the OCC post leases on their website, did I miss it, or maybe they are posted somewhere else?
Thanks again for your help!
The OCC does not post leases. You can find most of them back a few decades on www.okcountyrecords.com. It has most of the OK counties. The missing ones usually have their own sites. Free to look, minimal fee to print.
Thanks again!