Existing lease about to expire. Current lessee wants extension. Other party wants Top Lease. What is reasonable bonus for this area? Existing lease was 3 years ago.
Is SM the current lessee? They have a permit in the NW/4 and active wells in the E/2. So I assume your minerals are in the W/2 if the lease is set to expire?
Sorry I didn’t specify. The SW/4 of Section 23, Block 31, Township 2 North.