I inherited Mineral rights and I have been contacted by a lamdman, what should I do.

General Mineral Rights Discussion
1

My father passed away about a year ago and he inherited land from his parents which to my knowledge he did not know about. Out of the blue I received a call from someone wanting to lease my mineral rights and told me that I have inherited these rights. He sent me an email, which I posted part of it below, it is very vague on information and so I want to know what my first step should be. Not really sure where it is but based on some research I think it is in Reeves County.

The offer for the proposed Oil, Gas and Mineral Lease is $2,500.00 per net mineral acre, 3 year primary term with a 2 year option to extend along with 25% (1/4) royalty. The net mineral acres for your tract, described as Lot B, Block 25 in the Red Bluff Townsite is calculated at 0.0562442. Any help you can provide with phone numbers, address and marital status would be greatly appreciated.
2

FIRST, DO NOT sign or agree to anything before finding out what you have! Is the landman actually making you an offer? You need to know a lot more about exactly where your minerals are located, if you actually own them, how many acres involved and a number of other things. Some of the research you can probably do online which will save you money. If you're not sure you actually own anything you don't want to spend money just to be disappointed. I've been in a similar situation for the past couple of years and I can tell you that it can get complicated. If you are the only heir it may be less complicated. I'm sure a number of other minerals owners (and landmen) will respond to your post, take your time, get some good free advice. As you get info you can always post more here and get some advice.

1 Like