I’m new at this and have questions my 3 brothers and myself inherited 680 gross acres, but the letters we’re receiving says we each own 41 net mineral acres. What is the difference between gross and net. Also does anyone have any information on Township 33N, Range 68W section 23, 24 and 25 We continue to get letters from companies to buy ranging from $500-2000. Thank you
The four of you own a combined 164 net mineral acres spread out over 680 acres. Said another way, you guys own 24% of the minerals under the 680 acres. Someone else owns the rest.
Before the oil price collapsed, this area was pretty hot for the Niobrara Shale, but not much has been going on lately. Are you sure your minerals aren't already leased? I would be very surprised if they weren't.
There is a good well in the west half of Section 25, you should double check to see if your minerals should have been included in that well.
Thank you Steve for the information. Could you tell me how to research?
Truthfully, you would be well advised to consult a professional to help you sort this out. It can be confusing if you are new to it as you say you are. There are a number of qualified professionals that frequent these forums, who would be anle to help you out for a nominal fee.
As a general discussion though, the State agency (Wyoming Oil and Gas Conservation Commission) will determine what the spacing unit for each well should be. In this case I suspect that everyone in the West 1/2 of Section 25 would share in this well, although it might be the entirety of Section 25. You should review your legal description to determine exactly where your minerals are in Sec 25.
The well may have been drilled while your interests were unlocatable or inaccessible due to the pending estate settlement, in which case any oil sales attributable to those interests should be held in escrow.