Hi - I received a leasing offer for some mineral rights in Stephens County I inherited. Anyone know what a fair price is? They’ve offered $750 an acre and 3/16ths royalty. I’m trying to do right by my Mother who I will forward the money to.
They are in Range 4 West, Township 3 South, Section 4, SW/4 NE/4.
Good on ya for seeking. Hopefully some of your neighbor mineral owners will chime in with specifics, but here is some perspective.
The short answer is depends on who drills what and when. The long answer is the rig on the map (attached) just south of you is Balco Energy out of Duncan, OK, drilling vertical limestone. The woodford horizontal just to the east of you has produced 8 BCF of gas. A well drilled of either type will hold the lease. There is likely woodford under you, but maybe not as much. There is probably room for negotiation, but here are some options to consider:
-wait until you get closer to production ie permits and find out the operator’s target > don’t have to lease right up until the pooling order is issued and in OK some would even take the pooling terms
-if the lease expires, you can always lease again; maybe you opt for a short term
-if the lease is going to be held by a single well, maybe you opt for a higher royalty
I’m not sure what a good limestone well does around here, but I would welcome prod Map.pdf (134.1 KB) uction of any sort. Sorry not more exact, but doesn’t seem totally unreasonable imo.
I always ask for what they are offering for 1/5th and 1/4 just to see what they say. There have been quite a few 1/5th leases already filed in the section. The bonus will be lower, but if there is a successful well, the royalties will be much larger.
If you have not leased before, it would be wise to get a good OK oil and gas attorney to look at the lease. The draft leases are not usually in the mineral owner’s favor without some good edits.
Thank you for your response. This is helpful!
Thank you!!! I will ask them. 
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