I inherited some mineral interests recently and I received an offer to lease for three years. Basically we have 240 mineral acres in Andrews County, TX and an agent has been calling from Rock House Resources in Midland. I am very much a rookie at this.
He is offering to lease for 3 years at $350 per acre and 25% royalty. I suspect this is pretty standard. My initial (admittedly weak) negotiating attempts have not gotten him to raise the offer. I don't know whether to just accept the offer or if trying to negotiate further will be helpful. He is a pro at this and has a pretty quick and smooth answer to all my questions.
If it is helpful the land is in Sections 4,5 & 6, Block A-51 PSL, Andrews County.
Thanks for any help or advice!
He is offering to lease for 3 years at $350 per acre and 25% royalty. I suspect this is pretty standard. My initial (admittedly weak) negotiating attempts have not gotten him to raise the offer. I don't know whether to just accept the offer or if trying to negotiate further will be helpful. He is a pro at this and has a pretty quick and smooth answer to all my questions.
If it is helpful the land is in Sections 4,5 & 6, Block A-51 PSL, Andrews County.
Thanks for any help or advice!
