I have a question. I was offered $900 an acre for the mineral rights in this section. My question is, is that 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 in 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 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.