I just recieved an offer to lease Mineral Rights on 3 acres in Dickenson, ND. THe offer was for a three year lease @ $400/Acre and a 3/16 Royalty. Does that sound right for that area ?
Michael:
The bonus/acre at the State Auction, which was held in February, was from $350 - $450 on the average for this area with a few tracts (80 plus acres) bringing from $600 - $800 (areas which appear to be near proven production). This was a State Auction so the bonus amounts would be at the higher end. You might attempt to get 20% royalty and the 3 years sounds good. As for the $/acre bonus, I would ask more as you can always go down. Your main problem is the small amount of acreage. Read some of the posts on this forum regarding leasing to get some ideas.