I am so brand new to this that I just found out what a "landman" was 48 hours ago. With that in mind, bear with me and I already appreciate this forum more than you can imagine.
I recently received a O/G lease proposal in the mail. The proposal was for $1250/acre @3/16 or $750/acre @ 1/5. 3 year lease. Area is in Grady/Canadian 15-10N-6W. They show me to have 48 acres and some change. In speaking with the person who sent it, they apparently have plans for a "deep well" (I dont even know If I got that right or not) and I was curious on a few things:
1) is this a good offer?
2) does 3/16 or 1/5 make a huge difference in royalties or is that only if they hit the "mother lode"?
3) most posts on here say to always counter offer. However, I have been told the market is volatile right now and to take this proposal and run with it. Thoughts?
I am alreay aware (thanks to this forum) of the depth clause, warranty of deed matters etc. and have hired an Oklahoma attorney to assist me with this case. I was just digging a little deeper to get some more info/opinions.
Thanks!