Our family owns 5 acres of mineral rights in Canadian County, Township 10N, Section 6. We've been receiving offers for several months now on a portion of it, 1.8 acres. Some offers were as high as $11,000 per acre. We aren't at all knowledgeable about any of it. We have now been told that they are setting up a well in Section 6. We are seeking advice on whether we should sell or wait to see if there will be royalties. We understand our royalties will probably be very small since it's such a small amount of land. Our lease is 3/16. Any advice or comments would be greatly appreciated.
You need to post the township and range. This very active area minerals could be worth quite a bit more than $11,000/acre or could produce nice revenue stream. Do not underestimate value.
Cannot provide guidelines without knowing the location though.
Thank you for responding. It’s Canadian County, OK. Township 10N, Range 5W., Section 6.
Steve,
You have nothing to lose by waiting until you get a Division Order or royalty payment the describes your actual title. Don't take anybody's work for how much you actually own. Then you can decide what is best for you and know what you have that is salable.
If you think $11,000 per acre is good, read and understand how and when you get paid before accepting. Read the forum and you will learn that the the true value will not diminish in a short time. $11,000 most likely doesn't represent the definition of Fair Market Value anyway. Only you can determine that through education.
Thank you for responding and your advice. We appreciate it.