What do potential buyers know?

What do potential buyers know in order to come up with a bid for mineral rights?

Is it just based on the royalties of currently producing wells?

Or are they able to find out what the current operator's landman has planned re drilling more wells and what type?

Or are they interested in a future lease on the land?

Or are they betting on future potential, i.e., based on knowledge (or speculation) that a bigger company will want to buy up mineral leases for large swaths of land in order to start horizontal or fracking? See https://www.forbes.com/sites/christopherhelman/2017/06/29/explainin...

I don't know your area, but they can drill a horizontal in 320 acres or half section. They prefer not to do that, if they can go through 2 sections with only one drill. I think most of these guys are buying from people who think "gee, what a great idea to get $.... now." I just got one from a pretty well known land man working for a major, who offered me about double what i have already received this year, and they ARE drilling another well in the same area, so they are hoping I don't know that, want the easy cash, and they can either be the land owner or flip it. Do not sell unless you just have to have the money now. "land is the basis of all wealth."