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I would look to the recent state leases. The two tracts in DeSoto Parish went for about $7k, if I remember correctly. One poster on this site got about $7k from CHK just a few months ago.
I'll also throw in some advice. If you have no choice but to lease with CHK, it is critical that you get a lease with cost-free royalties. Use a good O&G lawyer to give you the language you need. Do NOT accept any language that the landman proposes -- CHK has run a scheme where they gave people the language for cost-free royalties, and then they refused to honor it later on when royalties were paid. Sad, but true. Use a good O&G lawyer for help. Protect yourself.
If it's a great area, it will get drilled later when gas prices go up and the glut of HBP well production works its way through the system. Lease rates may be better, and ultimate production may be better as they improve production techniques.
You may have to wait a few years, though.
I definitely agree to insist on your lease terms. Throw out about half the language in most leases to start with.
Be sure Chesapeake doesn't scam you by selling the gas to a company they own at below market prices.
Has anyone ever gotten a lease with royalty rates based on some standard rate like Henry Hub or NYMEX rates? "20% of Henry Hub price" instead of "25% of wellhead rate" or some such?
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