I have an extension lease for township 29 north range 58 east Roosevelt county and it says 396.83 gross acres then 44.10 net acres Feb 2014. How do i find the value of this and another section?
Gross acres are the total acres in which you own a fractional interest. The net acres are your fractional share of the gross acres. If you own 100% of 400 acres, then the gross and net acres are the same. If you own 1/2 of 400 acres, then the gross acres is 400 and the net acres is 200. If you own 1/20 of 400 acres, then you own is 20 net acres. This means that one or more others own the remaining acres. A lease always uses a legal description of the gross acres in which you own an interest. However, your bonus and royalty are based on your net acres in the tract.
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