I own the following 160.00 net mineral acres/320.00 gross mineral acres:
Converse County
Township 32 North, Range 69 West, 6th P. M. Section 10: SW/4, W/2SE/4, SE/4SE/4
Township 32 North, Range 69 West, 6th P. M. Section 15: NW/4NE/4
My 3-year lease expired in April of 2015. I was not informed of any efforts to begin operations, pool, or unitize, nor was I approached for an extension.
I have not seen a lot of activity in Township 32, Range 69, Sections 10 and 15. Information from the WOGCC site indicates that there had been some activity this year in Sections 2 and 4. It appears that most of the activity has been centered around Township 32, Section 71, and Township 33.
I recently sought a bid from a company that purchases mineral rights. The agent wanted to know what my asking price is and requested a copy of my (expired) lease.
Given current market conditions, the subsequent hold on operations, and the area in question, what would be a fair asking price if I were to sell my mineral rights? I know that in general, selling is not advised. However, I know of no operator currently interested in leasing in this area and I am not sure I want to wait until the market recovers.
Advice will be greatly appreciated.