Oil/Gas/Mineral Interest in Coal County,OK
I have recently received an inquiry from Green Wing Energy about my interest in a lease in Coal County, OK. They were searching for relatives of mine. Apparently that includes me. My question is how do I figure out what would be a fair offer for my interest in the lease. I would appreciate knowing what you would consider a fair offer. The lease is in Section 33, Township 2 North, Range 8 East. Also, how is this affected by the amount of acreage? Thank you for your help.
Thanks for asking. One property may bear a lease bonus of $1000 an acre or more while an adjacent one may have a value of $100 per acre or less. The proper way to establish a market value for an oil and gas lease involves some research to learn the nature of the prospect (production on surrounding parcels, for example), the likelihood of payout, and the expected quantity of payout; and perhaps obtaining the opinion of a geologist or at least talking to a knowledgeable landman who is active in the area. Unfortunately, all of this research takes time and money. Therefore, I am not able to provide an answer as part of a free service. Good luck negotiating with the oil company.