Several of my family members have received offers to lease their minerals in this section for $350/acre. We signed a 5 year lease (now expired) in 2006 for $600/acre. This new offer seems quite low by comparison. Does anyone know what the current rates are in this section?
It probably is lower. the excuse I have been hearing is that gas prices are much lower than 3 years ago.
It does not mean that they will not offer more.
Ask the landman or the leasing agent for the highest offer paid by his company in the area.