I have received an offer to lease for $150 an acre and 1/8 royalties in Section 9. Is this the usual and customary offer for this area?
Please give the rest of the description with township and range and post in the state and county. There are many section 9s.
Section 9, Township 15 North Range 4 East in Lincoln County, Oklahoma
The most recent leases filed were for 25% royalty, so twice what your offer is. Bonus will be lower which is expected. Freedom Operating has a permit nearby to the west in sec 8 and a rig drilling in sec 12 to the east.