Recently had about 32 nma in 10-18N-13W that came off of lease. I know there is a little activity there and received a couple offers to lease in the $1000 range for a 1/8 interest for 3 years. Seems low but I know some of the values have come down.
Anyone else have advice/information?
It sounds a bit low to me. You should get at least 3/16 too. The section just North of you and the section just North of it (section 3 ) recently produced a pretty good oil and gas well. I’m thinking that you would pool higher than that.
Always ask for the 1/5th option. Derby is leasing in the area for 3/16ths and 1/5th. The terms of the lease are more important than the bonus amount. Most leases need to be negotiated to be more in the mineral owner favor.