My elderly mother has just received a paid up oil and gas lease for SW/4, SE/4, section 12, 25N-1W, 40 gross acres, 13.33 Net acres, in Kay County, OK from Range Resources. The rate offered was for $300 per net mineral acre for 3 year paid up oil and gas lease and a 2 year extension option. The royalty rate is 3/16th. Does anyone know if this is a reasonable offer and if there is any activity in this area? Are there standard leases used or are there things to look out for? We are from out of state and unfamiliar with this process so looking for any help before we proceed. Thanks
Range Resources has been drilling in that area since 2006 or so. They have quite a few wells in the area. The offer is exactly what we got with the exception of 300 per net mineral acre, my family member signed at 200 back in 2010.