I just joined the group and I've learned a lot already.
We just received an offer of 200/acre with a 3/16 royalty for Sec.31-t16n-r8e, for a (3) year primary term, plus a (3) year option to renew, with $30,316.88 for signing.
We are new to all this and wanted to get your thoughts on this offer and anything else we should know before signing the lease.
Ron, you mentioned in the discussion above that there has been a lot of leasing in Sec.
32-18n-8e and 17n-3e by several companies in 2013 & 2014.
How does strong leasing for horizontal drilling in Sec.32 affect us in Sec.31? Has anyone heard about other leasing activity near us? Think we should negotiate for more $ per acre?
It is David Wallitz, a Landman from Schonwald Land Inc.,Oklahoma City, who presented the offer.
My husband Jerry and his sister inherited this land from their dad. His sister lives in Tulsa, but we live in San Diego.
We would really appreciate any information and insight that you could give us about all this.
Thanks again and God bless!