We have 640 gross acres what are the going rates? Just received and offer and not sure it’s fair.
Hi Sarina, offers are usually made according to “net mineral acres” to take into account subdividing of interest. You’re toward the north of Lea, where there isn’t much activity currently. That may change as time goes on. The closest rig is just north of Lovington, in 15S 35E. I’d like to know going rates too, if anyone has input?
I would like to know what the acreage is going for in section 15 as well. I got an offer and I’m wanting to compare.
We received an offer on section 23 in this township and range. Original terms were 500per net mineral acre ¼ royalty, three year term lease with a two year extension. We countered at1000 pnma and no extension. They said 600 tops so we didn’t do the deal. Have a little over 14 acres to boot.
Realized today that we have a little more than 28 nma in section 23. We contacted the landman representing the company and they are still interested in leasing. So, so far we have ¼ royalty, three years no extension lease and we are accepting the $600 pnma. Only condition is they accept our addendum. If they do that (which they probably will) we have a deal on this Section that’s never been drilled on.