Alton, Best offers are made by sophisticated buyers looking at the future potential of horizontal well drilling. As with most minerals, the location relative to proven production demands the best prices but the seller needs to know the true value to the industry in order to command a fair price. I’ve seen deals close at below your offer and twice as much as your offer depending on the location and knowledge of the owner.
As the surface owner, you are also entitled to a premium if the surface is also sold. Transaction procedures are especially important in a hot area like Reeves. Get some help if you haven’t sold minerals before.