I would greatly appreciate obtaining feedback concerning royalty. I have been assisted my 84 yr old friend with determining whether the offer received from a landman working for Venado Oil is sufficient for people receiving the same offer in the Lexington, Texas area.
My friend owns 30 acres and the proposal reads $350 per acres and 1/5 royalty. My question is the royalty offer of 1/5 the going rate being offered in this area? I do have a copy of the terms and conditions should you have any other questions. (Her neighbors on both sides of her home already received offers and they are receiving money; however, they do not care to share their proposal received.)
Many thanks and blessings.