Hi. My elderly mother owns some mineral rights about 3 miles NW of Mobeetie in Wheeler Co, TX. She has been approached about leasing, and is wondering if anyone can tell her what the going rate is for leases around there. In looking at O&G maps, it appears that the most numerous and productive wells are in the SE part of the county. But we are also wondering how we can tell if activity is heating up in the NW and if any new wells have come on line in that area recently? We will appreciate any help that you all can give us.
In checking my DrillingInfo account, I notice there hasn't been a lot of leasing in Wheeler County -- only twelve leases recorded in the entire county during the past nine months. One of these was NW of Mobeetie (Block A5, Section 55, recorded in April), with a 25% royalty. No indication of bonus, which can be gleaned from the record if it includes a renewal option. The most recent Lease Price Report shows Wheeler lease bonuses ranging between $20 and $275 per acre, with the most common being $250/acre. So it seems $275 per acre with a 25% royalty would be good terms today.