I think the bonus is on a pnma basis.
I have read that the Texas GLO Land sealed lease bids sometimes has a minimum bid amount required. I have read this on this forum–once, a while ago. I think I read it was a min bid of $3500 pnma. I think this was Reeves county specific.
Can anyone comment?
Anyone have recent offers above the GLO min bid?
GLO sealed bid leasing always has a bonus per net mineral acre for every tract. It will vary by county and by location within the county. Sometimes the bid will be at or close to the minimum and other times it will be far above. Some tracts will have no bids. You can review the January 2021 tract list, with net acres and minimum bonus on EnergyNet website. The current minimum bonus are lower in line with today;s market leasing conditions. The results of Past sales are available on the GLO website. If you are familiar with locations of various blocks and sections in the county, then you can Use the abstract numbers on the GLO GiS map viewer. Take the time to learn your way around the map viewer as there is a lot of related information connected to the tracts.
Oxy has applied for two permits to drill in which encompasses 271. The “Young 13” wells. Check them out on the Texas Railroad Commission website if your interested. They have not yet been approved. Both were applied for towards the end of January 2020.
Link? And what should OXY be paying per NMA?