Hi. I live in Ohio and got a call from Country Roads Minerals asking to purchase my small 0.7937 net mineral ac I own in Marion county Mannington district Parcels: 12-15-10,11,11.1,11.2,11.3,11.4,11.5, 12(PART) for $2,000.00 I had no clue I inherited this or if it’s a lot or little They did their research on how I ended up with it Any help will be greatly appreciated
Also on a side note. CR states is gross 50 ac and 40 people are owners Just curious if the $2,000.00 is a respectable amount
Hi. I’m kind of in the same situation with a different company contacting me. I know very little about this stuff and I’m trying to figure out which companies are fair and reputable. I’m also in Ohio with the property in West Virginia.
I think you can do better but it depends on where it is. Mannington is a good spot. Is it under an existing lease?
@emilysma1995 - CR is offering to purchase before the drilling operator (EQT) gets to your area. If you don’t need to sell, wait for the drilling operator to present you an oil and gas lease. That offer from CR is very low.
Country Roads is going to flip that to an energy company (EQT?) or investors. Their first offers are always low ball. Don’t take it. Ask for 10K or 12k an acre Don;t fall for their 'money in your bank account in 14 days." There is a good chance someone is readying to drill those tracts, hich makes the property valuable.
Just remember that they are experts at taking advantage of mineral owners. Don’t fall for their stick. The nicer they are, the more they are trying to screw you.
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This is what CR
*This interest is not leased, which means it is not going to be developed soon; therefore, it would be a long-term investment for us, due to it not producing any income for many years.
@emilysma1995 - Yes, they may be correct on that, but you are unleased and can get an average of $3K to $5K per net acre on the lease bonus, and if you decide to sell it after you lease it, you can get another $3K to $6K an acre, on average.
If you are ultimately wanting to sell, you should consider the tax implications of leasing 1st before selling. A buyer should account for that potential lease bonus and pay up accordingly. Keep in mind you are paying ordinary income tax on a lease bonus and you would pay capital gains on the sale.
I am in the same boat, probably the same property the contract they sent seems a little fishy.