I have received an offer to lease my minerals in Creek County Section 6 Township 16N 10E. The offer is very nominal so I wanted to see if anyone knew of any activity in the area or if this person was just trying to lease it and hold form future interest. They are offering $25 per net mineral acre for 5 years with option to extend another 5 years with 1/8 royalty. It doesn’t seem enough to bother with. Any suggestions?
I would never lease for more than three years and would not take a extension. The offer is for entirely too long a time and implied speculation (in my opinion). Too much can happen in one year even more in five. I rarely consider 1/8th, I start with 3/16th. You section already has a recent filed lease at 3/16ths, so no way would I take 1/8th.
They told me they wanted to do horizontal drilling which makes since because they want to lease the 2 sections just west of you. I don’t like the 5years + 5 or the 1/8 royalty. Iam holding out for 3/16.
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