Township 15 South, Range 34 East, Sections 27 and 34 - Going Lease Rates/Terms


#1

Hey Everyone,

I'm a long time question answerer and first time question asker. I mainly deal with minerals in Texas, so I'm a little out of my element as to the going rate in Mid-Lea County, NM. My lease expired around a year ago and I've been approached to lease my mineral property in Sections 27 and 34; Township 15 South, Range 34 East, in Lea County, NM. Any idea of the going rate in the area? I do see lease activity appears to be picking up in this area based on posts on here.

I don't believe my initial offer is all that great, but I might be getting jaded by the offers to the south in better parts of the Permian. I would really appreciate anyone's help with market terms for this part of Lea Co.

Thanks in advance!


#2

You have probably seen my post but I have an offer at 700 & 1/4 for 80 acres in sec 29 15S 37E


#3

Thanks Paul! I did see your post, and your terms are much better than I have been offered, but you are about 15 miles east of me. Thanks for sharing! I might try and reach out to your Company at some point.


#4

we took an offer more than a year ago for $500 nma south of Hobbs.

But I’ve heard that at least one driller is paying much more. $10k per nma bonus is what I’ve heard.

Good luck.


#5

take a look at recent New Mexico State lease sales. I believe they have had many parcels leased in your twp/rge or at least the very near vicinity. Lot of activity around Lovington. DGP & Continental


closed #6

opened #7

#8

Paul, did you ever end up signing a lease for this area?