I received a lease bonus offer for Sec 31,10N, 4W ( horizontal well coming from Sec 7) and just wanted to get a feel for comparables in the area to determine fairness of the offer. Any input appreciated.
EOG pooled 7-9N-4W for $6000 3/16, $5250 1/5. $2500 1/4 on January 10, 2019. Native has pending pooling all around your section, but they have not been heard yet (including 31). The clauses in the lease are more important than the bonus. Be sure and negotiate for more mineral owner friendly ones. Come back if you need help on those. Most important is the No Post Production charges. Don’t let them sneak in an “enhanced” clause.
The info is much appreciated!!! I have always been less concerned with bonus but wanted to be certain I was getting a fair offer. Always add depth clause but this will be first time for no post production clause. Will be looking for best verbeage on that.
You also want to limit the shut in time, have a commencement of drilling clause, no warranty of title and make sure there is no extra two year extension or top lease clause.
So if you could offer me solution to enhancement clause? Just standing firm on no or is there a tip for avoiding that being included? Thanks!
You need a strong Exhibit A with a good No Post production clause. Be strong on NO. McClain County has so many lessees, you can usually get it.
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