I have a question I was offered $900 an acre for the mineral rights in this section. My question is that is a decent price for the mineral rights for a five-year lease. It is restricted Indian Land so it will be posted in the paper for 30 days anyone else that’s interested May bid on it. I guess my second question is is there a lot of activity and that section or sections close to it? Thank you for your information or response.
I never go for a five year lease. That timing indicates a speculator. Too much can happen in five years. I don’t even like three year leases, but will do them occasionally.
You need to add the royalty associated with the $900/ac. The offers will change depending upon the royalty. Personally, I always ask for 1/5th as a minimum. Continental Resources is leasing heavily in that area. Usually, first offers are low.
Thank you very much I didn’t know what to tell him I just told him to call the Choctaw people the last time they released it they ended up paying almost $50,000 that’s one good thing about having to go to court and I having other people bid on it. I do appreciate it and I’m learning a lot again thank you very much
Mr Thompson, I too am interested in 1N 1E. What was the outcome of your leasing negotiations? thanks in advance.