Wondering if anyone has recently leased…or renewed a lease…in Eddy County (Sec 23). I had 2 back to back leases (3 yr and no extension) with the same company and now one for 5 years at a much lower bonus offer and 20% interest rather than 3/16. Since things have declined so much, it’s hard to tell what recent price per net mineral acre is considered “average” at this point. Can any of you add any input to this? Thanks in advance!
What township and range in section 23? There’s a lot of section 23s.
Sec 23-22S-26E is the legal description
Hey Sheri,
I looked at the conservation divisions website and there are no current producing wells or applications to drill in Section 23. There are a couple hundred wells in T22s, R26E. As for lease bonus you’re guess is as good as mine. good luck.
Thanks for the info, Rick.I think at this point royalty owners should be happy to get anything leased, particularly in an area which is not producing.
Hi Sheri,
Who is making lease offers out there? We own nearby as well. Our experience with New Mexico is to always get the highest royalty that the operator is offering.
It is a renewal of an existing lease with the same broker, with considerably lower terms than 2017. The property is not currently producing.
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