I have been given a lease for some land in Rusk County. It is a Paid Up Oil And Gas Lease. I have 31.86 acres of land. They are offering $200 per net mineral acre signing bonus and 3/16 royalty for a term of 3 years, with a 2 year option. They sent a bank draft along with the contract but the bank draft is for $118. 70. Why not for $200.00.
I would like to know what is the going rate for Bonus Sign On.
Should they pay monthly to lease the land and if so how much is the going rate?
The land is in the J. Ximines Survey. A-47
Does anyone know of any gas wells being drilled in that area and the production rate of such wells?
What should I ask for in the lease as I do not think that the $200 sign on bonus is enough plus how would I know how much my royalties would be based on 3/16?
Thanks
Mary