Have royalty interest in sec 2 and 3 1n-4w stephens county. Lease is up n August. Have been contacted about extending lease. Need to renegotiable and I wondered if anybody had a ballpark figure on going rate?
$2000 1/8
$1800 3/16
$1500 1/5
Newfield just pooled in 34 and 36 2N-4W, so this is in your nine spot area. Don't take anything less. Some folks are getting $250 for 1/4. The quarter is what I would go for. If your current lease doesn't have a depth clause, shut-in clause to 2 years, and no-post production costs clause, then do not renew it. Negotiate for a new one or wait for the pooling order on your sections.
I have interest in sec 4 1n4w I am leased with Marathon and my lease is up in Nov of this year Thank you for any info about this area
We have been receiving offers to buy for $3900 an acre…
Chris, that offer to buy is very low. If I were you, I would lease or wait for force pool. They are drilling six wells a section just two miles north of you. Drilling is slowly moving south. Early offers are usually very low just to see if they can get uninformed sellers.