Relinquish Act Lease Form

[Steve_Hope]

Received a letter today offer to lease 1.06 NRA in Reeves County Block 56, Sect 34, T&P RR Co Survey Section 34.

Key points in the 1 page letter are:

1, Bonus $7500 per acre ( total $7986.11) 2. Royalty 25% 3. General Land Office Relinquishment Act Lease Form.

Questions I have:

Is this a fair offer?

I am not familiar with No. 3 , the general Land Offer Relinquishment Act Lease Form What does this form cover.

Also I know the devil is in the details, There is no actual lease included in the offer letter. Would that form ( the lease be provided ) once I reply to the offer?

Thanks

[TennisDaze]

You own surface and State of Texas owns the minerals. You lease as agent of the State, using the Relinquish Act Lease Form which is found on the Texas General Land Office website at Leasing You receive 1/2 of bonus and royalties and State receives other 1/2. State has ultimate say on whether the bonus is acceptable and is always pleased if the money increases. Contact Deborah Cantu whose info is here - Oil & Gas Contacts