Oil/Gas/mineral right lease
My family has mineral rights in washita county oklahoma. I believe it is only 5 acres in NW 1/4 in section 26 township 9 north range 17 west. Enerlex has offered to buy our rights for @2,000 i think this is to low and would prefer a lease situation. Do you know what sort of value to expect for this location?
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.