We have an offer from Century Exploration Houston, Inc.to lease a tract of land in Brazoria County, TX for investigating, exploring, drilling, mining, etc. The lease offer is for a three year term. From reading other posts on this site it would seem that an offer of $150/acre might be a little low, although a 20% royalty seems appropriate.
Being a newcomer to this process, several questions come to mind:
Has anyone dealt with Century and what was your experience?
What would be a reasonable amount/acre for a three year lease term in this area?
Is the first offer usually negotiable and is a counter offer typically expected?
Thanks in advance for any input.