Received lease offer in H.R. Craig Survey, A-148 - market check

Texas Mineral Rights Fayette County, TX
1

Seeking input from other mineral owners in the Fayette/Lee County area, particularly around the Ledbetter area and Giddings Field.

We have received a lease offer on approximately 31 acres in the H.R. Craig 1/3 League, Abstract 148, Fayette County, near the Lee County line. We are in active negotiations and trying to get a sense of current market conditions before we finalize terms.

A few specific questions for anyone who has received offers or signed leases in this area recently:

  1. What bonus per net mineral acre are operators or landmen offering in this general area right now?

  2. What royalty fraction — 1/5, 3/16, 1/4 — are you seeing?

  3. Who is actually doing the leasing in your area — is it Leexus Holdings, Magnolia Oil & Gas directly, or someone else?

  4. Are offers coming in on 1-year, 2-year, or 3-year primary terms?

  5. Has anyone been approached about or signed an extension option, and if so, at what price?

We are not looking for legal advice and understand every situation is different. Just trying to get a feel for what neighbors are seeing so we can evaluate whether our offer is in the right range.

Thanks in advance.