I can't speak to the nuances of timber prices in Alabama since Illinois is a "hardwood" state whereas Alabama is primarily a "softwood" state.
$0.08 per board foot would be the lowest price, on the stump, for low-grade species (e.g., cottonwood, beech, sweetgum, etc.) and pallet-grade logs here in Illinois. Down in the south, a lot of wood/timber is sold by the ton -- that is a method of sale almost completely unheard of in Illinois due to our higher value hardwoods.
Therefore, my recommendation is for you to reach out directly to one of my Extension forestry colleagues in Alabama to inquire more about selling and marketing timber in your home state:
Best of luck!