Posted by 1948CaseVAI on July 21, 2014 at 15:59:31 from (98.164.21.226):
In Reply to: Oil and gas lease posted by rrlund on July 21, 2014 at 13:19:37:
If they have been doing seismic studies in your area you can't really go by what others have been offered as it may depend on how you property looks in the tests. If they do not have seismic yet then you probably can be guided by what is offered to neighbors - but you can't go too far away for a comparable because different parts of the county will be worth different amounts, depending on the prospects of success if they drill.
An oil geologist can look at two fields that look alike, but can point to one as better than the other. Hard to know what all they see, but it is a real skill.
Watch out though, my mother was going to negotiate with them and they just didn't bother to give her a counter offer at the time and she got zilch. Of course her property wasn't a hot prospect, but the $10 an acre she turned down (in central Kansas) would have been better than nothing since she had a section at the time. She essentially let $6,400 walk, so it is hard to tell you what to do. Your mileage may vary.
We were hoping they would be back the next year but she later had to sell the section for living expenses anyway so it is a moot point now.
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