Contacted to negotiate Mineral Lease

I received a letter today from Clayton Petroleum LTD., retained by Cheasapeake Louisiana, to discuss purchasing of mineral rights for my property (1.94 acres) in Section 9, T16N-R15W. Approximately 80% of section had been secured last year; they supposedly missed the top left corner of the section (approximately 140+ acres). A pad had been prepared last year in our section, scheduled to begin drilling this past January but were delayed due to negotiations for pipeline right-of-way through the section by major land owner. That has been completed within the past several weeks. Seismic crews have been in the neighborhood over the past 3 weeks, blasting and measuring. My question is at what price would be appropriate to begin negotiations and what would be the bottom line?

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Comment by Tommy Johnson on May 8, 2009 at 13:37
Thank you Jim for the correction and advice.
As I said, I live in Section 9; Wed. or Thur. our neighborhood received letters notifying us of the Pre-Application Notice for sections 10, 3 and 4 (all touch our section). Sections 17 and 8 have already gone through this phase (again, these 2 sections touch our section. Only sections 16 and 15 have yet to be advertised as such. We are basically surrounded.
Comment by Tommy Johnson on May 8, 2009 at 7:03
I should have posted this remark the next day. A lady from Clayton Petroleum called me back the next day and offered $1500.00 and 20% royalty. I told her no. That was the end of the conversation. She did not ask for a counter offer or anything.
Comment by Rockyford on May 7, 2009 at 11:31
Chesapeak is trying to get us to lease for $1250.00 per acre we said 1500. he declined.

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