I have lease offer, $1,000 / 22.5% / 5 yrs. Is this fair? Any suggestions?
George,
After checking the GIS Map I don't see anything exciting going on in the area of your minerals, just some older oil wells and plugged oil wells. My opinion is the offer you have been made sounds fairly good to me. Even though there is older production in the distant area I don't see any operators excited about exploratory work.
GIS Map of Pecos County Section 24/Block 146 and surrounding area:
Clint Liles