Is the following a reasonable offer? We have been offered $300 per net mineral acre, 1/5 royalty, for a three-year term with option to extend for an additional 2 years. The depth earned under lease will be total depth drilled plus 100’.
Also, we have been having difficulty finding an oil and gas attorney to review our lease. Anyone have a reputable oil and gas attorney recommendation?
Horizontal activity is heading that direction with BTA drilling south of Lovington and Matador to the northeast. In general, a 1/4 royalty is fair to ask. Depending on the size of the tract, you should be able to get a better lease bonus