Hello: If a landowner owns 3 acres in Washington County Ohio with Mineral...
Hello: If a landowner owns 3 acres in Washington County Ohio with Mineral Rights what is a fair price for all 3 acres with minerals? I know w/ all the driving going on values have increased a lot. I leased the land with upfront $2,900 per acre and agreed to 17.5 percent GROSS lease. THat lease is about to expire as the oil company hasn't drilled anything yet. I'm wondering how to value land that might be VERY good oil gas land with future bonus lease money potential and probability of oil and gas royalties. What's the ballpark range of value per acre? $10K per acre? $20K per acre? I've heard of some owners earning $30K over the life of the well in royalties alone for a good well. Of course it's possible it could bring $0 in royalties too.
I do not have a good answer for you. There are some re-leasing going on in areas where drilling activity is occurring and from what little I have heard, prices are not higher. I have heard some leasing was occurring in Eastern Noble county but not Western Noble County. If I am correct, there has not been any drilling in Washington County for a period of time. You may be able to get more specific information by contacting my co-worker Clif Little in Guernsey County at 740-489-5300.