# Section 23, T15S, R38E
**URL:** https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035
**Category:** Lea County, NM
**Created:** [July 5, 2018, 11:24pm UTC](https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035 "2018-07-05T23:24:33Z")
**Posts on this page:** 4
**Page:** 1
### Author:  [@gwebb](https://www.mineralrightsforum.com/u/gwebb)
#### Post date: [July 5, 2018, 11:24pm UTC](https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035/1 "2018-07-05T23:24:33Z")
What is the average bonus being offered to lease this section?
What companies are leasing?
Thank you.
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### Author:  [@William\_E\_Gee](https://www.mineralrightsforum.com/u/William_E_Gee)
#### Post date: [July 7, 2018, 12:50pm UTC](https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035/2 "2018-07-07T12:50:01Z")
That’s on the Carlsbad Shelf, south of the Tatum Basin. Shale play targets are not developed in here I do not believe, but it has been a few years since I checked it out. My memory says there is a Clearfork (strat equivalent) in this area which has developed. Also potential in the Wolfcamp (conventional). I would never lease for less than $500-1000 per acre and 25% royalty. The price of oil dictates this. If it gets back to $25, you can cut those numbers by 1/3. If you’re in a multilevel horizontal play, things change quickly. Every level is a multiplier for the bonus.
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### Author:  [@William\_E\_Gee](https://www.mineralrightsforum.com/u/William_E_Gee)
#### Post date: [July 7, 2018, 12:51pm UTC](https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035/3 "2018-07-07T12:51:08Z")
Does not like the money numbers: I said five hundred to one thousand.
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### Author:  [@MRFAdmin\_SV](https://www.mineralrightsforum.com/u/MRFAdmin_SV)
#### Post date: [January 11, 2025, 6:35pm UTC](https://www.mineralrightsforum.com/t/section-23-t15s-r38e/29035/4 "2025-01-11T18:35:42Z")