Hi Stryker, We are in Arlington. We have intended to try to visit the area but have put it off due to the heat. We do intend to go there. Where are you located?
I have not locaed an attorney as we have not accepted any offer. We had an offer about 6 months ago for $200 and acre that we refused. About 6 weeks ago the offer was up to $250; we chose not to accept it. I guess it would be good to find an attorney. Someone several messages back mentioned one that he used.
Good luck on your decision. This board has really been interesting and helpful. On one of the links I posted, I think I remember the main companies doing business in that area. It might be interesting to contact them for a counter offer.
If you google Wolfberry Shale Terry county, you will see quite a few links.
Nancy
i heard that some gas/oil companies were going back and looking at contracts on how the percentage for royalties was worded. There was something about deducting a percent for after gas recovery fees. So it would really be beneficial to have an attorney help. Bill McGowan was the person I was trying to remember that Richard Evans told us about.
Nancy - I’m in Ruidoso, NM. We usually stop by our farm outside of Woolfforth on our way to Dallas where we have family. I’ve been offered $250/20% and while our landman says take it or leave it, I’m leaning to having a bit more patience. I’ve just remembered a family friend who should be a wealth of information about all of this, so I may pick her brain. I’m also wondering about tax implications and the like. Many thanks for your insights here!
WE have land in Terry Co…couple hundred acres…and as I mentioned months ago, we were paid $500/acre…25 % royalty for a 2 yr lease…re-newable at same rate…now this may be all that we get…a bonus…but if they are interested they WILL contact you…land men know how to find you, just stick to your ground on what you want. Just recently now, we have companies wishing that we’d sell our mineral rights…Did anyone get offers on that?? My advise, NEVER sell your rights. Never give in. Someday it might all be worth it. An attorney can always be beneficial…and a smart thing to do. Amy Pickett
Stryker Travis said:
Nancy - I'm in Ruidoso, NM. We usually stop by our farm outside of Woolfforth on our way to Dallas where we have family. I've been offered $250/20% and while our landman says take it or leave it, I'm leaning to having a bit more patience. I've just remembered a family friend who should be a wealth of information about all of this, so I may pick her brain. I'm also wondering about tax implications and the like. Many thanks for your insights here!
Still wondering if anyone has seen production in the area. I see a lot of permits to drill were issued in the Spring, but still not much info on production. What is the word out there?
Thanks Amy - my grandfather bought these 160 acres in the 20s, and my mother drilled into my brain, "never sell the farm." Since then I hear from others, "never sell your mineral rights," so it's now part of my mental implant. It doesn't pencil out, either way. Many thanks for the advice.
Under Par - I, too, will be interested to hear about the level of production in the area.
I understand from the Terry Co. newspaper that drilling has started in the west part of the County.
Jack Newman said:
Has any drilling started in Terry County yet? Our land is west of Brownfield on 380/82.