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Offer to buy mineral rights on family property

UTGrad98

By UTGrad98
in Can You Help Me With This?

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UTGrad98

UTGrad98 2273

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So yesterday I received an offer to buy the mineral rights to some family land in Oklahoma.  Offer is for $3000 an acre.  There are about 100 of us on the deed. Offer states it is for some or all of the land.

 

My questions to the lawyers out there and others who may have experience dealing with this... 

 

- Is this a low ball offer?  I read exxon bought some texas land for the mineral rights for $24k an acre. 

- should I see about renting my portion out?  I have read it can be a real pain in the ass for them to actually pay you though.  It's based on barrels per day and of course the price per barrel.  

- how does it work if other family members sell and my brothers and I don't?  Do we get stuck with the crappy acreage or do we all own a % of all of the land and those who sell give up their percent to the company? 

- what are the other questions I need to be asking? 

 

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DalTxHornFan

DalTxHornFan 3101

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Lease them out for exploration and development, but never sell any mineral rights has always been the mantra in my family.  It is smart that y'all retained the mineral rights when the land was sold. 

We are often getting unsolicited offers from some jake leg that wants to acquire our mineral interests.  Always a lowball.  Those go straight to the trash.  If there is a play going on and an E&P company is doing a leasing campaign, you'll be hearing straight from the company or a landman.  Keep in touch with any adjoining landowners to get a feel for what the market is related to lease bonuses, terms, and royalty rates.  Everything is negotiable in a hot play.

The E&P lease may be a little more complicated because of the fact that there are different parties related to your mineral interest and the land access/surface damages contractual arrangements, but that happens all the time.  Good luck.

 

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ROFL BOX

ROFL BOX 6649

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My Mom has a % in some natural gas from family land in NW Lousy-Anna.  I think she's 1/16th... I have no idea how to do the maths & figure out what the $$ would be if she had 100% of the assets.

Supposedly it's complete, land & minerals & the co. that pays her out also handles the property tax situation.

It has also been suggested that she actually walk the property (for what reason, I don't know - it's not like a 77 year old retired respiratory therapist is going to know what she's looking at & I sure as hell won't have any ideas.

...Back to the 1/16th question.

Let's say she gets $ 50 a month.  Multiply that by 16 to get the total payout?

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Hook1997

Hook1997 5354

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Posted (edited)
4 hours ago, UTGrad98 said:

I believe it is all untapped. 

Buy out the other 99 people and then never sell if it’s in a hot area, which if you are getting offers then someone has plans for it and most likely and you will get leased. The 100 people on the deed is just a complete shit show.  

Edited by Hook1997
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52-80

52-80 19157

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Posted
On 8/16/2022 at 10:31 PM, UTGrad98 said:

So yesterday I received an offer to buy the mineral rights to some family land in Oklahoma.  Offer is for $3000 an acre.  There are about 100 of us on the deed. Offer states it is for some or all of the land.

 

counter at tree fiddy

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