I have received a lease offer for minerals in Toole County. Township 35N, Range 04W, Section 9, 10 Township 34N, Range 03W, Section 24 Township 32N, Range 05W, Section 27 We own 100% of the minerals.
The offer seems very low to me and for too long of a duration. Maybe too small royalty also? Five year Primary term with an option to extend for an additional three years. Bonus consideration $15/acre. Extension bonus $30/acre. 1/8 Royalty. I believe the offer is from Farleigh Oil Co. Does anyone have any thoughts? Is there any activity in the area?