I have an offer of 17,500 $ per net acre in Grady county ,OK . Section 24 ,township 7 north ,range 5 west . Is this offer in the ballpark? Is something going on in this location , my last offer on this parcel was 2,000 $. Thanks in advance of any help . Merle .
Merle: That offer depends on the royalty percentage that the minerals are subject to. Continental drilled the Lillian well that covers Sections 13, 24 & 25. It is a good well. Farwest Development is drilling several shallower wells in the section. I would expect Continental to drill more wells to the same zone as the Lillian, and additional wells for other zones. If the price of oil drops much further, we will probably see a rapid decline in wells being drilled, not only on this section, but everywhere.
Todd M. Baker
Thank you Todd for you reply , I’ve been contacted by another buyer since I posted on here . Hopefully I can 2 or 3 offers to establish value that way . I know zero about mineral rights ,just trying to make sure I sell for the going price . Thanks again
Mineral Resources Company, a subsidiary of Continental will most likely be your best offer. If they haven’t gotten an offer to you, they will. This is a good area.
Todd M. Baker
I am in 7N 5W also. Latest offers I have received: $33,000 nma for 1/4th leases $28,000 nma for 3/16tth leases
When you said that the last offer you got was for $2,000 an acre it makes me think that you are talking about the bonus bid you received when you leased your mineral, not an offer to outright purchase the deed to your mineral estate. At $17,500 you are probably still under fair market value for you deed. I was doing some research in that area a while back and properties were going north of $20,000/acre. I think getting a few more offers is probably a good idea. If you want a professional to take a look at it send me a direct message and I can put you in touch with the people that usually help me out.
Rbud sounds a bit better than the offer I have received , can I ask how the offers were from ? Thanks for the info . Edythe
Thanks Todd ,I will check with m r c
Gulfport drilled horizontal well recently in 22-4N-6W Grady… Serenity horizontal well… it’s paying nicely
I may know of a group that can offer more if you have not sold them yet.
I haven’t sold yet , with the holidays and what not . The offer I have is good for 30 days it says , but I’m open for any suggestions anybody’s has . It’s only 1 acre so some have said they not interested. Thanks in advance for any help .
Are you currently receiving a royalty check for any production?
No I am not ,but have in years passed .thanks
May I ask what company was offering you $17,500/acre? Have you received other offers as well?
The last mineral deed sale I see in 7N-5W was for $1.8 million involving sections 7, 8 and 18 for just under 65 acres. That is about $28,500 per NMA for what appears to be minerals subject to a 3/16 royalty interest. Sale effective 1/1/2019… Buyer = TMRC
Thank you Don Bray for your response.
Who is TMRC you mentioned above?
The 17,50 offer was from Antelope oil & gas LLC ,hope that helps
Thank you for the information. I really appreciate it.