Just received and offer on a producing well (Spoomer #1-29H) at $650 an acre and 1/5 royalty. Was wondering if this was in the ballpark and if others have received similar offers. This is due to a depth clause as they appear to being going deeper.
Dean
Pooling orders in contiguous sections within a year can be useful for checking offers. Sec 35-20N-25W just pooled for $400 3/16ths, $350 1/5th $25 1/4th. Case 202101783 Mewbourne Nov 16th, 2021 for the Cherokee formation.
Considering how much lease bonus rates have dropped compared to 4-5 years ago, that’s pretty good. I’d ask if they are offering a 1/4
Thanks so much for the info!!
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