I own 60 acres of timberland in Vernon Parish. We recently received a rather low offer to lease our land at $150 an acre for 5 years with 20% royalties. I would like some input by other landowners who have received similar offers from oil companies.

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I would assume it would be the Austin Chalk, I agree with Baron,  I do not like the 5 year terms, make them come back with a better offer

It might possibly turn out to be a resource type play.  If so they will want to have as long as possible to drill up all the sections they lease.  I agree my first preperence would be a 3 year lease.  If I gave them a 5 year lease, they would pay dearly for it. 

What have you heard about the TMS, I don't think there has been anything close to a economical well drilled in it to date

I think it has a lot of potential.  There is certainly a large lease play going on in Central

Louisiana from east to west.  Like the Haynesville/Bossier, seems like there could be multiple targets as in Austin Chalk and TMS.  Who knows where horizontal drilling and frac technology is going to take us.  After the success of the Eagle Ford, I feel there will be deep pockets players that are going to test the Austin Chalk, TMS, and Smackover waters!  And with the price of oil, probably sooner rather than later. 

Checkmate King, there is a thread entitled Austin Chalk......You might want to check it out if you haven't already.  Appears to be several pretty knowlegeable folks going back and forth on that thread.
I did check out the map and several others as well. From what I've read and heard rom the feedback I've received since posting my email two days ago leads me to believe an offer of a 3 year lease at 25% royalties would be the most ideal contract. We leased our timberland in the 80's to another oil company years before we planted trees to no avail.
Y'all might want to watch the Indigo Bently Lumber #242407
Thats what was said about the first vertical HA wells. I heard this well in Vernon had extensive cores taken and some horz. wells are planned.

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