Received lease offer of $710 per acre (three year lease) and 3/16. What should I do?
Welcome to the forum. It is always more helpful if you include the county and post there instead of in the higher level state Mineral Rights category. I am moving this to Custer County for you.
United Land is doing a lot of leasing in the sections around you. I see 3/16ths as the highest royalty so far, but I always ask what they are offering at 1/5th and 1/4 to see what they say. I also ask what is the highest bonus that you are offering at 3/16ths.
If you are new to leasing, suggest that you read the Mineral Help above and read the topics listed in Custer County to get familiar with the activity. If you have not leased before, it is wise to get a good oil and gas attorney to look over any draft lease as they are not in the mineral owner’s favor and need significant edits. There is a new Cherokee shale horizontal play developing in the area and getting a good lease or good pooling agreement is very important for the new few decades. NEVER hand over a lease without getting paid the same day.
If you are a new mineral owner, there are several publications by the Oklahoma Corporation Commission that may be helpful for you. Let me know if you want them.