NE4,Sec 28, Block 37, T5N,T&P RR CO. Lease offer $450 per per acre royalty 22.50%???
Is there a block 37 in Dawson county?
No I don’t believe so. Assume its 34, 35, or 36 T5 but 
Ask for the bells and whistles on the addendum, 25% bonus. Your bonus consideration doesn’t mean as much
as others have shared, there is no Block 37 for sec 28 in T5N T&P RR CO survey. your options are Block 33, 34, 35, or 36. If you can clarify - someone might be able to assist.
that said, I’d typically focus on the royalty more than the bonus. having said that, I believe 25% is probably more standard, so 22.5% sounds a bit low to me.
welcome to the community Jen27!
Sorry it is 36. Bonus $450 royalty 22.50%. Decent offer? 13 acres
hello @Jen27
thanks for updating the block. I took a look on RRC. not a lot going on in that area - but for transparency - I’m not familiar with this area. as I said earlier - I believe 25% is probably more standard. I’ve attached a pic of the area for you.
one more observation - I don’t see any permitted wells in that NE section.
If you want to do a bit of market value research, the you can use TexasFile.com to check out recent OGL activity. Many companies today file OGL Memos which will not prove helpful; however, you can contact the lessors and ask for the terms of their OGL (hint: look to contact only the pros). As far as OGL addendums, that is a complex negotiation. To be effective, terms need to carefully crafted that in most cases require some level of professional involvement. Good luck.
I would counter offer for at least 700$ an acre
You need to research filed Dawson Co oil and gas records reported monthly on Courthouse Direct. That will allow you to not only see who is leasing but also where there is current leasing. There is also a way to search legal records solely for the company offering you the lease. You always want to be wary of a company who might want to flip your mineral interests. Offering you 22.5% allows them to sell to another company for 25%, giving them a margin of profit. As others have said, 25% is the going rate.