I was wondering if anyone had an idea what Leases were going for in NE Howard County. We are getting calls and want to try to verify some information.. Our Description:
we have minerals east of Big Spring... in the Moss Creek Ranch area. The leasee has yet to turn dirt. I hear the activity is stronger north of I-20 so you might have some good bargaining leverage. But I'm not an expert.
we leased a couple years ago. No drilling so far. we did not get $5,000/acre.... much much much much less. maybe we should have asked $5,000/acre.... they would have certainly drilled it to make back the bonus money.
Had a letter that said $5500, but they did not talk very long and said they were leaving the area.
Recently we had offers in the $400-$700 20-25% range. With the wide range of offers, we might just wait unless that big offer was just marketing material.
Would like to see the 5000, wouldnt think twice about leasing then, might sit tight for awile, business is good and it doesnt cost me anything to wait and see how it all plays out
We are new to this business. We have mineral rights in Howard County in Block 25, Section 30 in addition to Section 18, Block 25 .
The current lease will expire at the end of February 2018 and we are currently looking at a few offers. Do you know of any companies that me be interested as well? Thank you in advance for your time.
Good Morning Diana...There has only been 1 approved permit for Mitchell County this year/month. Hopefully if oil prices keep increasing there will be an uptick in drilling in Mitchell County.