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!