Is there activity in this area? Have an offer of $800/acre 3 years 3/16th royalty 2 year option. Feel this is low ball leased it before foe $1000/acre.
I do not see any leases filed in section 1 yet, but leases in 2 and 12 have ranges up to 1/4th, so ask what 1/5th and 1/4 are going for. I do not allow the two year option. Bonus amounts are lower this year, so not as concerned about that. Most of us would want a higher royalty on the upcoming wells which are most likely horizontals into the Cheroke. Already one permitted into section 2.
Multiple groups are leasing in the township. You may get more than one offer. If you have not leased recently, it is wise to get a good oil and gas attorney to review the lease as the draft is not friendly to the mineral owner.