I received a lease offer today for my 1+ acres in Wetzel County, Proctor District. It was for $1500 per acre ip front and 13% royalties. I’m new at this and have no idea if this is a fair offer.
Sounds very low. In Marshall Co just north $4,000 per net acre and 18% royalty is more normal with some negotiation. It really depends on your total net acreage and if there is activity in your area.
How do I find out if there’s activity in my area? I don’t live nearby, so I have no idea. The company asked for a 5 year lease.
If you know where your tax parcels lie on a map of Wetzel Co then try going to “dep.wv.gov” and call up the" Database and Map Information" tab and then the “Oil and Gas Map Search” tab. You will need to enlarge the map and center it over the specific area where your parcels lie. It is very sensitive but with a little effort you will get used to it. As you continue to enlarge the scale you will see where various wells are either active or proposed by the color code. This should give you an idea of the activity in the area. Also on the first page of the DEP site you can check “Weekly Permits” to see activity in Wetzel Co. Hope that helps. Once you have a well API number you can track in detail the activity of the well, but that comes later.
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