My grandma received an offer to sell in 10n 09e section 7 for $1,000 an acre. Should we hire a 3rd party landman? That seems low to sell
She owns 20 acres with her sister. And they don’t know what a fair price is
Not sure you need a landman. The real question to ask is why sell? Does the buyer want her land to flip it to someone else for a higher price-probably. Do they know something you don’t know- probably. What are the operators in the area doing? find out.
Does she have a need to sell? If so, then she needs to get at least three different legitimate bids and go with the highest one. Do not turn over a deed without getting a check. There may be capital gains on the sale, so consider that.
If she/they pass onto their heirs, then the heirs get a step up value and will pay less taxes if they sell. Or they might benefit from future production. If she does not need to sell, then passing it on might be wise.
I have found that first offers to buy are usually low. They just want to see if someone will bite. A whole bunch of horizontal wells were drilled in Section 5& 8. I wonder if someone is trying to buy in section 7 in order to do the same thing.
Do you mind me asking what company made the offer?
Thank you for taking the time to respond. They only own the mineral rights, not the surface. And I’m not sure who made the offer. This might sound like a silly question, but how do you do research on what the operators are doing in the area? Are there certain databases you use? Or websites? She doesn’t have a need to sell, but her sister does.
Rick, unfortunately I am not sure who made the offer.
Great point. (among others). whether you intend to sell or not it is good to understand what you have, mineral acres, leases, and potential in the area. You can search the Oklahoma Corporation Commission site for historical data. A landman should have access to Pangia and could provide lots of information.
Thanks anyway. I try to keep up with companies in the area.
Mark Oates 405-365-7515
I want to recommend the landman that I used on my two leases. After talking to him you may want him to help lease your land and not sell it. Either he is a good trust worthy person. His mane is Doug Fergersion and is in Midland Texas. His phone number is 432-684-4542.