- I'm very new to this. I inherited mineral rights from a will not being probated. my stepmother gets one third and me and my two brothers get two thirds. RI is .20 there are two unThe net revenue for me is .017408214 still to come off of this is my stepmothers one third and s quick claim deed of .0078125. the lease says we get one fifth if the production. In 2016 it made 5748 barrels of oil could someone help Me figure my portion? Thanks
The nri (net revenue interest) already takes into account the .20 royalty.
So, if this is the nri, then your current nri would be 1/3 of .17408214 or .00580274.
I don't understand the part about the quit claim deed of .078125.
If your nri is truly .00580274, then you get that out of every dollar, every $100 dollars, or out of every million, etc.
If the well mad 5748 barrels of oil in 2018 (if), and if it sells for $60 ( a nice arbitrary figure), then you would make 5748 x $60=$344,880 x. .00580274 or $2001.24 in 2018. Now, there may be gross production taxes, which vary depending on your state, and post production deductions. But, this is a rough way of looking at it.
My dad passed and my stepmom sent us 3 kids a letter stating that she intends to put the mineral rights in a trust for us 3 kids. I guess she didn't want to probate my dad's will. We had no reason to not trust her so we signed it to make things easier for her. Well I don't think there was ever a trust made up. This is back in 1994. So I want to take her back to court to eliminate that quick claim deed because I signed it based on her good intentions. And I would like to recoup my percentage since 1994 til now. What do you think my chances r in that?
You need to contact an attorney to review all of your documentation, including her letter. If you signed a quit claim deed and it was filed of record, then the minerals legally belong to the grantee. Has she assigned the minerals to anyone else? An attorney can explain what your rights and recourse options are in this situation.
Yes I agree with everything you said. She has not signed them over to anyone else. I need to find an Atty in Texas. Do you know of anyone? Does the NRI take into account dividing it up in two thirds with my brothers?
Does it also take in consideration the one fifth in the lease?
See the first line in Tim's reply. .20 = 1/5
Could someone show me the formula to divide $2000 into 2/3rds as it had been a long time since school for Me thank you
Never mind that last question. I guess what I'm trying to figure out how much I'm loosing by that quick claim deed of 0 ,0078125?? Thanks
Can anybody tell me the formula to find out one third of .1740814?
2/3 = 2 divided by 3 = .66666
2000 X .66666 = 13333.20
one third = 1/3, one divided by three = .33333
.1740814 X .33333 = .0580
OK so if it is oil and you can put s going market rate on it by the barrel how would you do it if it were gas or casing head (MCF)