Just received an offer from Turner Oil for $1,500 an acre lease for 3/16. Thoughts?
Township 14 North Range 6 West Section 36:
Seems some part of the play - Cana Woodford is 'hot" and I have seen offers for mineral rights from $4,000 to $11,000 in Blaine, Grady County. Haven't checked Canadian recently. Seems $8K is common offer in the best areas.
Typically, a lease bonus should be about one-third the price of a 3/16th lease. Would ask for no post-production expenses at that royalty. 20% for lease with post production expense. Otherwise, I would want double the lease bonus.
Thank you very much for the valuable information.
Where are the charts provided found?
You should easiely be able to get 2k-2500 per acre bonus with a 1/5th and all the good clauses for the area your in