I am in the process of possibly selling a portfolio of mineral interests - about 10 tracts in Leon and Freestone counties. (I have personal reasons for selling, so no need to discuss pros/cons of selling versus holding.)
My specific question is: what is the difference between a Net Mineral Acre versus a Net Royalty Acre? Most of our interests are unleased (only a couple of tracts are leased and they have one or two old producing oil wells).
How are those terms calculated? Is it different for leased vs. unleased tracts? When legitimate offers come in, will they be __$/NRA for our leased tracts and a different __$/NMA for our unleased tracts? Or am I totally off track?