Hoping someone on here can guide me. My 91 year old mother inherited a mineral interest in an 85.003 acre tract located in Mannington District, Marion County, West Virginia. According to the documents sent to her from EQT she owns the mineral interest in 3.099039 net oil and gas royalty acres. They want to purchase all her rights, titles and interests including “Hydrocarbon Interest”. I’m not sure they are offering a fair price and I’m not sure of the tax implications for her. She is on a fixed income. EQT has previous given her 2 checks so they could explore drilling a well on the property but I’m not sure if a well was actually done. Can anyone tell me what a fair price would be with the information I am able to provide? I just want to protect my mother.
I would need more information to provide you with my opinion. Others will need to know the legal description to provide you with more accurate information. What is the Map and Parcel for the minerals she owns? What did EQT pay her for? Was the money for a lease bonus? Does she own the surface; maybe they were paying her surface damages? Does she receive any revenue from oil and gas production? What is the lease royalty associated with the lease? What are the terms of the lease…ie. effective date, term, and is there an option to extend the lease?
Following up on what Clint said, if somebody offered to sell you a rent house or apartments or something similar, before you could come up with a value, you would want to know how much the rent is, how often has it been paid, etc. The same is true here. The value is, essentially, based on how much royalty is being paid. One would need to know that. As to the check, was it for one month or several months?
Thanks everyone who responded! I am meeting with an oil and gas attorney to make sure I’m doing everything I can to benefit my mom. Thank you.
What is the Map and Parcel for the minerals she owns?
I am working with an attorney now but thanks for your inquiry!
Is there a way t contact you directly?
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