I have recently been approached from a Land Co. offering $150 per acre (on 200 acres) for 3 yrs, and $100 per year for 2 more years. This seems pretty low considering the growing activity in my area of Polk county ( Famcor is very active) in the Big Sandy Creek field, about 5 miles away. I was wondering how to go about getting other offers from firms active or interested in that area so I can start with a 'smart' counter offer that I can live with. I knew very little about this realm of business so I have been redearching and I would urge everyone to read the documents linked below. They helped a great deal!
Here are some great resources about the getting the most out of a lease deal, See the links or attachments below. One is from Texas A&M's Real Estate school and the other is from an Oil and Gas firm.
Tom
"HINTS ON NEGOTIATING AN OIL AND GAS LEASE"
http://recenter.tamu.edu/pdf/229.pdf
"CHECKLIST FOR NEGOTIATING AN OIL AND GAS LEASE"
http://www.gdhm.com/images/pdf/jbm-ogleasechecklist.pdf
2339-jbmogleasechecklist.pdf (74.2 KB) 2340-lease.pdf (160 KB) 2341-oilgasleasechecklist_outline.pdf (18.9 KB)