Section 23, Block 31, T2N Bonus

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 yrs 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 Sec 23, Block 31, T2N.