I own interest in wichita count valley farm units 32 33 34 35 36 am being offered 600 dollars the lease is still in original from 1942 producing always am I being stupid I need the money
I assume that is $600 to sell the mineral rights. Is that total or per acre and how much is your monthly royalty check? If it's that small it may not even be monthly. Chances are the first offer is much too low.
There are 324.627what ever that means the offer is from a landmark who's Dionne a favour by buying my part
Marcus T said:
I assume that is $600 to sell the mineral rights. Is that total or per acre and how much is your monthly royalty check? If it's that small it may not even be monthly. Chances are the first offer is much too low.
You may do yourself a favor by seeking another offer. I have had per acre offers increase by 500% on producing acreage in fairly short periods of time. As Marcus T said, first offers are frequently very low.
kristine conger said:
There are 324.627what ever that means the offer is from a landmark who's Dionne a favour by buying my part
Marcus T said:I assume that is $600 to sell the mineral rights. Is that total or per acre and how much is your monthly royalty check? If it's that small it may not even be monthly. Chances are the first offer is much too low.
I don't receive but 50 dollars as month
Kristine, I have no idea of how much acreage you have, you could have substantial acreage with very depleted wells in a certain formation or formations which if recompleted or a new well were drilled, possibly a horizontal well were drilled could pay you $500 per month or more for some time. This is the reason for finding out what it is exactly you are selling.
Kristine, if you are receiving $50 per month, I think it highly likely that someone would want to buy your royalty interest for more than 1 years worth of royalty which is what $600 amounts to. You can check by searching this site and you will find it said over and over again that offers are frequently 3-5 years worth of your present royalty. I would say give better location information on your interest to see if you can get more information and then post your interest for sale on the home page of this site under listings. I wouldn't be surprised if someone offered you at least $900 in short order if you receive $50 a month regularly in royalty. I wish you the best of luck.
I would also consider that you should have an attorney read the deed before you sign it to make sure that you are not selling all royalty from day one, in other words you sell to them for $600 but you have to pay the buyer all the royalty ever received from these minerals, which I am sure is substantially more than $600. The lawyer may cost you but not having a lawyer may cost you more if you are unfamilliar with sale contracts. The example I gave above purportedy happened to a member of the forums elderly father.
kristine conger said:
I don't receive but 50 dollars as month
The wells seem to b doin something since 1947 my dad got checks my mom and I spoilt mine w four siblings
The acres r 324.627 units 32 33 34 35 36
So can anyone advise me on how to find out the proscess of negosiatin and work in out the leases.
r w kennedy said:
You may do yourself a favor by seeking another offer. I have had per acre offers increase by 500% on producing acreage in fairly short periods of time. As Marcus T said, first offers are frequently very low.
kristine conger said:
There are 324.627what ever that means the offer is from a landmark who's Dionne a favour by buying my part
Marcus T said:I assume that is $600 to sell the mineral rights. Is that total or per acre and how much is your monthly royalty check? If it's that small it may not even be monthly. Chances are the first offer is much too low.
Kristine, if your lease is still in force from 1942, there isn't likely going to be any lease negotiation. I was under the impression that you were considering a sale. In my previous post I outlined how you might get a superior offer listing your minerals for sale on the home page of this site, check the center paragraph of the previous post.
I do not deal with alot of oil and gas in Texas and I am sorry to say that the description of the location of your mineral rights is unfamilliar to me and probably many others. Many people, even those not very familliar with the industry would, I think take a chance purchasing your minerals for at least 50% more than the $600 you have been offered if you can show the previous 12 royalty checks averaging $50 a month so they would start profiting after a mere 18 months. My brother would probably be one of them, unknowledgeable and opportunistic. I do believe that you will have to give a better location description to reach the greatest number of people, description such as the nearest town, which direction and how many miles. I really think you can increase the offer of $600 you have received for very little effort, but you will have to make the effort I have already described. I am here to help, not profit from anyone and even I am tempted by the opportunity purchasing your minerals would represent. I would count my greatest profit in being of some small assistance in helping you get the better/ best price for your minerals if you do sell them.
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The one that offered mentioned several leases from start of it but maintained it was the original. That was in effect so again I'm moot sure.if received checks since 2006in my name and now they will go up with the declaring ownership to a sibling that passed.all I can maybe do is show someone this conveyance of mineral and oil of said deed or ownership cuz what he describes sounds like more than him and I discussed I think.property description says the induced interest in under.lands covered by oil and gas lease dated1947 deeds records in units covering32 33 34 35 36 according to plat of wichita together with all land in and around tucks drive as well as land lying between the above units and wichita river containing 324.627 acres it is a sworn description of what he's purchasing also all properties I own he states all well let me know what u thunk so far
Much better, I can see someone remotely familliar with the area being able to make something of that description.
Multiple leases sounds to me like you may have more acreage but currently poorer producing right now, which could improve drastically in the future.
I would strike the all other properties wording, after all, if they later discover you own more than they thought they could always offer to buy the remainder and because it would be property supposedly unknown right now, they certainly aren't going to pay for it right now and we aren't throwing it in for free are we? The "unknown" part could be larger than the known part, it is unknown after all. I would concentrate on dealing for what they know you own at the time the deal is struck.
kristine conger said:
The one that offered mentioned several leases from start of it but maintained it was the original. That was in effect so again I'm moot sure.if received checks since 2006in my name and now they will go up with the declaring ownership to a sibling that passed.all I can maybe do is show someone this conveyance of mineral and oil of said deed or ownership cuz what he describes sounds like more than him and I discussed I think.property description says the induced interest in under.lands covered by oil and gas lease dated1947 deeds records in units covering32 33 34 35 36 according to plat of wichita together with all land in and around tucks drive as well as land lying between the above units and wichita river containing 324.627 acres it is a sworn description of what he's purchasing also all properties I own he states all well let me know what u thunk so far
If I sell I just want to be throwing this and everything is thru via internet and its scaring am I getting robed or scammed
r w kennedy said:
Kristine, if your lease is still in force from 1942, there isn't likely going to be any lease negotiation. I was under the impression that you were considering a sale. In my previous post I outlined how you might get a superior offer listing your minerals for sale on the home page of this site, check the center paragraph of the previous post.
I do not deal with alot of oil and gas in Texas and I am sorry to say that the description of the location of your mineral rights is unfamilliar to me and probably many others. Many people, even those not very familliar with the industry would, I think take a chance purchasing your minerals for at least 50% more than the $600 you have been offered if you can show the previous 12 royalty checks averaging $50 a month so they would start profiting after a mere 18 months. My brother would probably be one of them, unknowledgeable and opportunistic. I do believe that you will have to give a better location description to reach the greatest number of people, description such as the nearest town, which direction and how many miles. I really think you can increase the offer of $600 you have received for very little effort, but you will have to make the effort I have already described. I am here to help, not profit from anyone and even I am tempted by the opportunity purchasing your minerals would represent. I would count my greatest profit in being of some small assistance in helping you get the better/ best price for your minerals if you do sell them.
Kristine, you can agree to sell for any price you wish, but you have to realize that the buyer has no responsibility to make you a fair offer and they will lowball because the less they give you the more money they make. They will take advantage of ignorance and lack of preparation. It's up to you to be prepared and informed.
kristine conger said:
If I sell I just want to be throwing this and everything is thru via internet and its scaring am I getting robed or scammed
r w kennedy said:Kristine, if your lease is still in force from 1942, there isn't likely going to be any lease negotiation. I was under the impression that you were considering a sale. In my previous post I outlined how you might get a superior offer listing your minerals for sale on the home page of this site, check the center paragraph of the previous post.
I do not deal with alot of oil and gas in Texas and I am sorry to say that the description of the location of your mineral rights is unfamilliar to me and probably many others. Many people, even those not very familliar with the industry would, I think take a chance purchasing your minerals for at least 50% more than the $600 you have been offered if you can show the previous 12 royalty checks averaging $50 a month so they would start profiting after a mere 18 months. My brother would probably be one of them, unknowledgeable and opportunistic. I do believe that you will have to give a better location description to reach the greatest number of people, description such as the nearest town, which direction and how many miles. I really think you can increase the offer of $600 you have received for very little effort, but you will have to make the effort I have already described. I am here to help, not profit from anyone and even I am tempted by the opportunity purchasing your minerals would represent. I would count my greatest profit in being of some small assistance in helping you get the better/ best price for your minerals if you do sell them.
So how can I find out exactly how much I should sell for
Kristine, I mentioned before that you could list your mineral rights on the home page of this site for free. You have not done so.
You might get some offers and that might partially answer your question about value. I have also stated that a frequently used rule of thumb is a sale price of 3 to 5 years of what you are receiving in royalty.
The value could go up from there greatly depending on prospects for future drilling or even workovers of the existing well/s. I can't list your minerals for you. You are going to have to expend ar least a little effort.