Would anyone be able to verify prices that where paid on mineral acres in Garvin County, OK, around the years of 2005, 2006, or 2007. I’m trying to source verifiable resources that state what prices companies were paying per acre during this time in Garvin County. Any help is much appreciated. Thanks!
The values in Garvin County are not homogeneous so you need to supply a legal description to get a reliable answer. Also, are you referring to lease bonus or mineral purchase?
If you are asking for IRS purposes regarding a sale or an estate, you are probably going to have to be more rigorous. IRS will not accept guesstimates. As Frank said, you will have to give legals as the reservoirs vary greatly across the county.
Section 30-04N-03W. I am looking for mineral purchases.
This would be for IRS purposes. The intent is to be as rigorous as possible. Section 30-04N-03W is the area. I have tried searching through land deeds however they only list the transfer fee of $10 or $1. Is there a way to find something with actual dollar amounts paid such as a letter of intent?
Deed stamps äre $1.50/$1000. If deed stamps are $30 then the sale price was $20,000 & if 5 nma, =$4000/acre. If you look at the deed transfers near your area, you can sometimes back calculate the value if they have the acres on the deed. Family deeds often do not have extra stamps.
Thank you M_Barnes, this has been extremely helpful. Can you explain the difference between the “fee: $” and the “Doc: $?” From what I understand the Doc fee is what you are explaining where $1.50=$1,000 NMA. The stamps that I am seeing contain both of these values. The “Fee:$” is usually around $13 to $17. Does it have any effect on the overall price of nma? Some of the Deeds have $0 paid for document fee.
The fee is according to how many pages are filed. The Document stamp is a clue to the value of the acreage according to the sale. Deeds between family members do not have to pay a document stamp fee. It doesn’t affect the net mineral price, it only documents the total sale price. If somewhere in the deed description, you can find the net mineral acres, then you can divide the whole sale price by the number of net acres and get a price per acre value. Unfortunately, not many deeds have that clear info.