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Hello and I hope this is the right forum for my question. Administrators, please delete if not. I looked on the Lewis County, WV local group, but there have been no postings there since 2015.
I recently was deeded the following:
"all right, title and interest in and to the coal, oil and gas, and other minerals, along with all necessary rights to explore for, locate, lease, mine, drill, transport, gather, market and remove same, in, on and underlying that certain tract or parcel of real estate with the improvements thereon and the appurtenances thereunto belonging, situate in Freeman's Creek District, Lewis County, West Virginia and described on the 2017 Land Books of Lewis County as follows:
1/3 OF 48 A OG W F RIVER
I know the area is not active.
Can someone tell me how to find out more information about this, like if there is another group or someone that could tell me the value?
I appreciate any and all help. Thank you very much!
A bit of research shows the County has placed a value on that parcel of $340.00, which is the tax basis. In WV, the tax basis is .6 of the Auditor's valuation, or 340.00 / .60 = 566.67. In my opinion, you would be safe to value the parcel at $566.67 for estate taxes, but your resale value would be significantly higher.
I am NOT active in Lewis County, but would not hesitate to value the parcel between $4,000.00 - $8,000.00 if you were to sell your interests.
There is not a whole lot currently going on in Lewis County. There is potential. Activity in Lewis would begin in the northwest and sweep to the east. Lewis County is littered with older shallow producing wells. And if your tract does not have a producing shallow well on it...in Lewis County I would be surprised. I would agree with WV Mineral Owner's assessment of the value...although if there is an older well on it that is producing that is holding it a .125 royalty that can decrease the value in half. Might want to be patient with this property... it could be a while before anything is drilled on it.