Last week the State held an auction of its mineral interests in several mid Michigan counties: Kalkaska, Crawford and Otsego to name a few.  At the auction, the average lease bonus received by the State, according to the Record Eagle, exceeded $1,000 per acre, apparently in reaction to a successful deep well drilled in Missaukee County   In the meantime, several  oil and gas developers have been approaching private landowners seeking to lease their acreage at up front prices well below the average price paid to the State.  If a mineral owner wants to  rationally determine whether to accept any specific offer, the owner needs to undertake an analysis of various complex options that are available but not necessarily well known.  We may be able to help.