The family trustee received an offer to lease the unleased tract in Section 20-Township 19N-Range 13W in Oklahoma. The lease has two options: $1,500 per net acre with 3/16 royalties or $1,200 per net acre with 1/5 royalties. The tract is 80 acres. Just checking to see if this sounds reasonable. Comments, please.
I know Carrera reported hitting 2 wells next to you, the one immediately East in Section 21 tested out at 338 barrels of oil and 2,600 units of natural gas. The other one bordering on your Northeast in Section 16 tested out at 510 barrels of oil per day and 2,500 units of natural gas. You are in a hot area.