Hello. I'm a new member of MRF and this is my first post. I'm looking to find out what the going rate per acre is on leases in this area, Sec27 T23N R2W. I recently received an offer of 500/ac and 3/16th royalty but didnt want to execute the lease until I did a little more research. Any info anyone has for this "newbie" would be appreciated and thanks in advance.
Roger,
I'm not in township 23, but south of you and $500 - 3/16 was the going price last spring. Also, be sure to mark out about half of the lease unless you want to do a lot of paying for things.
Thanks Virginia. I had checked it out with a couple of friends last week and it looked like 500 an acre was a pretty good deal or at least the going rate for the area. I just wanted to check with those currently leasing around that area to make sure the price hadn’t gone up drastically before I signed off. I did strike various parts of the lease beforehand but do you have any language or subject I should avoid in particular? And, I don’t own the surface just the minerals.
I don't know who you are leasing with but each company has their own lease. I have my own lease, but most oil companies don't like it. I own surface as well as minerals, so I have a very spelled out lease as I have had problems with oil companies wanting to hold my lease and not off set wells, etc.
I use an oil & Gas lawyer in OK City to look over all my leases. I do a lot of leasing in TX and OK and have found it really pays to have an oil & gas lawyer look over it. Regular lawyer just don't do it daily and miss a lot of things even though they may be good.
Who is trying to lease from you? Wondering who is active in the area. What did you decide?
Thanks!