Was just contacted by Marathon Oil to lease more mineral rights in township 135/range 99/section 33.....the offer is less than the last mineral rights I leased.......has anyone leased mineral rights lately in that section....and what seems to be the going rate.....
135/99/12 we are working on a lease for $250 an acre. What are they offering you?
In Nov 2011we received lease in sections 31 and 32 at $500.00 same company. Read some where they plan to drill 5 wells on 1280 acre lots near this area. DEW
Patty, Please keep us informed how things work out for you. My family owns mineral rights just to the east of you- 135-7 & 18- 98w. I learned a while ago that Marathon leased part of section 18 at State auction in Aug of 2011. It appears they like what they see in the area. Tom
Dean, If you are willing to share, I am wondering if 500.00 per acre was their initial offer. Also, what royalty did they offer & length of lease term did they want? Thanks, Tom
The first offer was $400.00, we asked them to match the $500.00 that was offered others just East near Rainy Butte, and they matched it, so we took it. DEW
Tom McLarnan said:
Dean, If you are willing to share, I am wondering if 500.00 per acre was their initial offer. Also, what royalty did they offer & length of lease term did they want?
Thanks, Tom
Thanks Dean. I appreciate your willingness to share your information. Tom
A year ago we leased for $400.00 an acre.....and are being offered $250.00 an acre this time round....was told that they hope to have some wells up and running within the next few years.....offered same royalty rate 3/16th.....or at least this was the verbal offer.....am waiting for paper work to arrive...