Hello,
I’m looking for local comps / opinions. Really need some help on this.
I’m selling ~30 mineral acres in Morgan Township, Greene County (Ruffs Creek / Hull Run area).
Tract is right on the border of the Pratt Storage Field. Due to this, EQT is holding the mineral rights on a dual-purpose lease by protection of storage from the 1960s… it was just re-ratified by the current owner about a decade ago and attorneys saying it is valid / still alive.
So EQT has exclusive right to production… We have 1/8 royalty guaranteed on new wells.
No current production on the tract.
The buyer originally offered us $8.3k/ac… but after we discovered the lease / proximity to Pratt storage field, reduced to $4k/ac…
For anybody familiar with Morgan Twp, is $4k/ac a reasonable number for a sale of mineral rights? We didn’t even realize the minerals were still subject to that encumbrance… but EQT is saying they are by protection / storage.
Thank you!