I have been approached with an offer to buy my share of a well in Custer county. My question is what is the going rate per acre for gas and oil well land?
Welcome to the forum. Read that offer carefully…there are some scams out there that offer a “royalty” lease, but are really a disguised sales offer for all of your minerals, not just a single well. Many offers to buy come right before the drill bit for horizontal wells. If you care to share the township and range, we can comment on activity around you. Many offers to buy start out low and have room to move upwards. Many offers give a price per acre for the existing production for a certain number of years, but neglect to tell the owner that multiple wells are coming. They plan to make a profit off of those wells. Some folks sell and other folks keep their minerals for the future royalties.
To clarify, was your offer to buy your working interest (meaning you paid money to participate in the well and own a % in oil and gas leses) in a well or your minerals in a well? The 2 have drastically different values