Have received substantial offers to lease the mineralS in these 2 sections. Anyone know what companies are leasing here? ANY & ALL INFO APPRECIATED.
Your post is somewhat vague. You have already HAD substantial offers ????
You are looking for substantial offers ????
I have had offers from two outfits.
Would you please friend me as I own a few acres in this area. Would like to discuss.
We have received offers.
I know of three mineral owners in the area around you that are at $6000.00 per ac. and 1/4 for 36 mo.
all are still in negotiations, none have accepted at this time.
Since you play your hand close, I assume you have done this sort of thing before.
If you haven't, you're in the middle of a financial minefield, find people who know more to help you, even if you must pay them. At some point before you sign, hire an oil and gas attorney to help with the final agreement.
Can you say if the $6k/25%/36mo is asked for, or offered?
Asked.
North of you in10n-8w...we leased in two sections back in June to CLR for 3 years, $6500 and 1/5. We negotiated with probably thirty people in the six months leading up to the existing lease expiring. The phone rang off the hook. (That included us getting a signed letter of intent with a person who claimed to represent a company in Tuttle, for $7000, 1/5th and 3 years. They backed out when it came time to pay up.) State auction results for the area were in the $6000 and 3/16 range for three years around the same time, shortly before or shortly after, I forget which. You might do better! Hope so! We were thrilled. There is a filing for spacing on one of the two of ours.
The norm on royalties these days is I/4.
It appears that in Grady County the experienced mineral holders are getting 6,500 to 7,000 per ac,
1/4 for 36 mo lease, no extension, no production cost.
Remember, the bonus is a one time thing. Concentrate on your percentage and eliminating extensions and production cost.
It would be foolish to drop below 1/4 (25%) and never accept production cost deductions and never agree to guarantee the deed.
What sections? I have some in 19.
The norm is absolutely not a 1/4. There are far more leases at 3/16th or 1/5th.
I have a lease up for renewal in section 29-8N -6W. Grady County. Any ideas on the going lease rates with 1/4 royalty??