has anyone got a clue on what minerals lease or sell for in Uintah and Duchesne county? I just found out I own there also. I guess it got left out of a will.
I have heard of acreage bonuses ranging from 1100 to 1900/acre but I have no way to validate that. As you probably know those numbers can vary based upon # of acres, location, proximity to producing wells, etc.
Allan Smith is the President of the Utah Royalty Owners Association. I do not have his contact information but he lives in Roosevelt Utah.
Hope this starts a good conversation! John
What townships are involved? Perhaps I can give you some ideas. Jay
I need information about this also. I have 13.938 net mineral acres in Uintah County, Township 2 South, Range 2 East, Section 19.
A company in Fort Worth, TX has been contacting me for at least a year, recently at least once every 2 weeks, sometimes twice a day. Their first offer was 600 per acre for a 5-year lease. Today the guy called and said their offer was 450 per acre for a 3-year lease with a 2-year option. There wouldn’t be much left after taxes and as well as paying my lawyer 250 an hour to go over the lease - - pretty much pocket change as far as I’m concerned.
What is this area going for in terms of leasing? Also, what is the current selling price?
There does not appears to be a lot of new activity here, although this area is generally in the middle of an active oil play, largely operated by Finley Resources, Inc. Crescent Point, just barely announced today they were selling their Utah assets, has located a horizontal well to the west. That could be what prompted someone to try and lease your interest recently. Based on this information, I think lease prices for a 3-year lease are in the $500-$1000/acre range depending on the royalty rate, etc.
There are a few mineral buyers in the Uinta Basin, but not like the Powder River or Permian Basins. I think about $1,500/acre would be about the high end today to sell. If it were me, I would lease (on good terms with a high royalty rate) and would not sell.
Thank you for replying with this information. Actually, it is Finley Resources that has been contacting me about leasing for about a year now. I just received another call from them this past Tuesday, 9/3/19. Also, you validated my gut feeling to lease, not sell. I appreciate the feedback.