Hello. I’m a new member of MRF and this is my first post. I’m looking to find out what the going rate per acre is on leases in this area, Section 27, Township 23N, Range 2W. I recently received an offer of 500/ac and 3/16th royalty but didn’t want to execute the lease until I did a little more research. Any info anyone has for this “newbie” would be appreciated and thanks in advance.
Roger,
I’m not in Township 23, but south of you and $500 - 3/16 was the going price last spring. Also, be sure to mark out about half of the lease unless you want to do a lot of paying for things.
Thanks Virginia. I had checked it out with a couple of friends last week and it looked like 500 an acre was a pretty good deal or at least the going rate for the area. I just wanted to check with those currently leasing around that area to make sure the price hadn’t gone up drastically before I signed off. I did strike various parts of the lease beforehand but do you have any language or subject I should avoid in particular? And, I don’t own the surface just the minerals.
I don’t know who you are leasing with but each company has their own lease. I have my own lease, but most oil companies don’t like it. I own surface as well as minerals, so I have a very spelled out lease as I have had problems with oil companies wanting to hold my lease and not offset wells, etc.
I use an oil & Gas lawyer in OK City to look over all my leases. I do a lot of leasing in Texas and Oklahoma and have found it really pays to have an oil & gas lawyer look over it. Regular lawyers just don’t do it daily and miss a lot of things even though they may be good.
Who is trying to lease from you? Wondering who is active in the area. What did you decide?
Thanks!