Hi All- I am new to this forum, and am trying to get an understanding as to the potential value of a working interest that I have been contacted about.
I received a call from a law firm representing Antero, trying to track down other family members that have inherited a working interest.
My grandfather purchased a working interest in 1962 in Doddridge county. I have a copy of the lease, best described as being in the Tom's Fork area of Doddridge. The interest is 1/16 of the north 50 acres and the south 50 acres of the farm parcels of 247 and 204 acres (plat book 59 page 280 and 60, 162.
There are 5 members of our inheriting family. It seems that each of us would have about a 1.25 acre interest
The law firm has offered us $250 each in the typical letter stating that if we don't take the offer, it will go to litigation with risks.
I spoke with the lady, she mentioned the risk of abandonment, as the interest have not been inquired upon by my family, the asset was not included in my grandfather's will, etc.
She did state that there must be at least a producing well on the parcel, not sure which, or our rights would be gone.
Sorry for the scattered info.
What are our best options with this? Is it possible to lease our working interest back to Antero, or can you not lease a lease?
If selling is the best option, what could be a realistic value for this working interest?
Is there a chance that we could be owed back and current royalties on the producing well(s)?
Please let me know if I can provide any further info.
Thanks,
Steve