My family has leased to Chesapeke our interest in the mineral rights to 320 gross acres [160 mineral acres] at 34N 74W section 05:S1/2 in Converse Co. Wyoming, our lease terms read as follows:
1. FULL BONUS CONSIDERATION OF $175 PER NET MINERAL ACRES
2. 3/16THS. ROYALITY
3. 4 YEAR PRIMARY TERM
4. OPTION TO RENEW FOR AN ADDITIONAL 2 YEAR TERM WITH THE PAYMENT OF ADDITIONAL BONUS CONSIDERATION OF $150 PER NET MINERAL ACRE.
My questions are:
Is this a good lease ?
What is the difference between gross acres and mineral acres?
Is this area suppose to be a lucrative spot?