We received an offer for Sec. 34 t21s r33e for 1k an acre from Fortris (sp) energy. Have not countered yet…any suggestions there is one producing well on the interest. Fortris wants to lease deeper depths and acreage not tied up in the well. This is in Lea County. Thanks.
We have agreed to the terms of the lease with Fortress. The terms are ¼ royalty, $2500.00 pnma, 3 year term, our addendum in its entirety.
Fortress wants to Change the lease agreement so we renegotiated the bonus to 10K pnma. The deal will be consummated after the new year. We have way to huge a Tax Liability on other lease bonuses for 2018!
Rick, I may have missed it, but if your addendum was generally applicable to leases (and not specfic to your property), would you be willing to post your verbiage? Thanks, Jim
We are receiving numerous offers to purchase this interest. Perhaps Marathon spudding three wells on the interest in June has something to do with it. Highest offer is 33K pnma.