We are getting a solicitation from Prensorus to go into a lease agreement for some rights in block 97. They offered $50 per acre signing bonus and 1/8th which sounds like a low ball attempt. Those were 1950's figures on leases.
Is anyone familiar with these guys? Is there any activity in the area?
May I ask what section? My wife has some non participating royalty interests in a few sections of Block 97.
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Bill Davis said:
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We recieved the same offer on July 11, 2012 - $50 plus 1/8 - same block and section. Funny, they told us everyone else had already signed :) I am going to take a look at other sections of this forum to better understand what to look for in lease terms.
Went back at them with a counter offer of $100 plus 20%. They accepted. Supposedly the contract is in the mail.
I don’t know Pensorus. I did get an offer from Devon for $200/acre and 3/16ths about two months ago. I didn’t hear back so I called. At first they were very interested then dropped it a week later. Said they had lost interst. I assume that’s price of gas but who knows? Sorry don’t remember section right now. What is the interest in Scurry? Is it just close to Permian?