We would like to determine what kind of rates / terms other parties are receiving in the Phillips County area on oil leases. We have been asked to sign a 3-year lease, $20/acre and 1/8th royalty interest. Would welcome any input. Thank you.
What part of Phillips County are your acres?
I am located in S23-T4S-R19W. There is a good sized field running from NE to SW, but it misses my section by a tad. Location, location matters.
I was approached in 2010 to lease for 1/8 royalty and a bonus of $25 per acre for a 3 year paid up lease. We did not come to terms, not because of the offer but because we could not agree on a form of lease which protected the rights of the lessor. I believe another royalty owner in the same section did agree, but I have not heard of any current activity.
S19-T5S-R17W--Bow Creek Northeast. Is that near the area you talked about? Thanks for your input!
Nathan Bloch said:
What part of Phillips County are your acres?
I am located in S23-T4S-R19W. There is a good sized field running from NE to SW, but it misses my section by a tad. Location, location matters.
I was approached in 2010 to lease for 1/8 royalty and a bonus of $25 per acre for a 3 year paid up lease. We did not come to terms, not because of the offer but because we could not agree on a form of lease which protected the rights of the lessor. I believe another royalty owner in the same section did agree, but I have not heard of any current activity.