just received call from rep @ ES3 minerals, saying a relative had purchased a lease 13 yrs ago, but we have no information about such when we inherited her estate. the rep stated that rights would go to beneficiary, but again, we have no info about this. he provided us with the section and block info in loving cty. he also said they were making an offer, which seems odd for something on which we have no information.we just want to know what we need to do before we make any decision. so far it is sounding legit, but we are just being cautious thank you.
Post your abstract and maybe someone on the forum can help you. You need to get that title straightened out first, especially if funds are being held in suspense for you.
When I get a cold call offer, there is a reason and that company knows something I don’t know. So I attempt to find out. That company also knows they will make a profit off of me and I would rather have the profit. I have been tracking my offers versus my actual value as computed by a reservoir engineer and comparing to my wells and future production. In most cases, the amount offered has been about the value of one-two wells in my sections. Subsequent drilling proved that I was right to hang onto my minerals.
You need to learn more about your area and what is going on. You need get offers from other companies if you really want to sell as one offer is not indicative of competitive value in my mind. You can say no, thank you and wait it out, you can sell some and keep some to hedge your risk or you can sell it all. If you do decide to sell, NEVER hand over a deed without getting paid.
Do not let anyone rush you. Get informed first.
Sorry I didn’t see this when you posted your query. Members on this list advised us to check with the Texas Railroad Commission which (surprisingly) has all of the information on oil wells. It was through that we were able to see who was (already) drilling and we got a lawyer and dealt with the oil company directly. We found out from the website that there had been correspondence going back several years but they didn’t know how to find the heirs (they had names wrong and didn’t know what state the heirs were located. Just to let you know, we were heirs from original purchasers from the 1920’s. In our case, the man was my step great-grandfather! But it was all legit. Now my brother has died (without a will) and, I guess, we’ll have to sort it out in probate. We are not talking about a lot of money, but after we got the lease money and the proceeds that were in suspense, we have been getting ranges between $120 and $250 per month because we had such small shares. It will probably decrease over time.