I own mineral rights to 320 acres. Legal is TWP 35 N RGE 55 E Section 12 SE/4and section 13:NE/4 Big Sky Montana.
I have it leased for 3 years with a 2 year option. What advise does anyone have? Lessor has the option to renew lease, but if they don't, what would your suggestion be.
What is the prevailing price per acre in this area for a lease? Jack Tucker 865-357-1398. [email protected]
2-21-2014 7:08 P.M.
Jack,
I have a lease that expires this month and with the option to renew also. I have not heard anything from them yet and from what I understand leasing has slowed down in Sheridan County. It's best not to sign a lease with the option to renew because you never know what can develop three years. So I am going to wait it out, they will be drilling sooner or later and time is in our favor. The price really depends on what is going on around your minerals such as wells and production, etc.
Good Luck,
Jerry
Jerry; Thanks for your response. I am ignorant of all this and got $200 an acre for a lease so I took it. The Lessor has the option to renew it for 2 years at the same price at the end of the first 3 years or not renew it. If they don't renew it, I think you are saying I would be better off to wait and see if there is any activity in the area befor I sign another lease and then only sign one without a renewal option. Stay in touch. Jack Tucker [email protected]