There is no such thing as a typical oil or gas well. It all depends on location. Another way to look at this, is that one couldn't determine how much rent is usually paid on a rent house, and how long it would take to pay the rent house off if you bought one. It depends on location and a lot of factors.
Now, as to participating. I wouldn't recommend it.
Let me address the dangers of participating, in general, not necessarily, this section. BTW, this was what I copied off of a prior poster who wanted to know the downside of participating:
This was the answer I gave at that time:
several large dangers possibly loom- 1) The well runs into mechanical problem and the costs are 2-10 times of what was estimated; 2) a pollution problem occurs and you get named in a pollution suit; 3) the operator doesn't market your gas and you have to threaten, cajole and deal with the marketing of your gas; 4) After the initial well is drilled, the operator proposes a six well package that you have to consent to or go non-consent. The cost of the six wells is fairly great. If you go non-consent, then you may have relinquished your interest. 5) the well gets shut-in. I.e., you spent your money and continue to pay joint interest billings every month, but no revenue is coming in; 6) the well runs into mechanical problems, there are cost overruns, the well gets shut-in (so no revenue is coming in) and the operator proposes six more wells in which you have to elect to be in or out.
Thank you! That’s exactly what I needed to hear! I knew there had to be risk I wasn’t aware of, but you’ve totally enlightened me to what those risks might be. I’m totally convinced now that I’ll be choosing one of the royalty based options.
Tim is right, take the 3/16