I was contacted the other day for family info regards to a company that wants to lease at a property that my great grandpa has ( They said a 8 acre piece) in Loving Texas Section 71 Blk 1. Whom has been deceased since 1937. I went through my dads paperwork for his will and found all kinds of paperwork of a lease he had .At the same property. I have receipts of royalties and descriptive info for the property and Companies involved. He died in 1993. Is their a way to find out what his lease status is or if he sold it ???
Section 71, Block 1 is a fantastic area to own minerals. In addition, Matador resources has recently received permits to drill multiple horizontal wells on the property. Those permits put you in the driver's seat for negotiating your lease terms. You should be able to obtain a significant lease bonus.
The best way to determine what exactly it is that your great grandfather owned is to have a landman review the county records. You could try reaching out to one of the forum sponsors to see if they already have title information for that section. Great area to own minerals!
Thanks for the info Wolfcamp. Until the phone call and going thru my dads paperwork I had no idea of Mineral Rights. So I have to ask what exactly would a Landman do?? And what would a lease bonus guesstimate be in that section??
Chances are if the company is contacting you about a lease that you own the minerals. In most cases the company has already gone to the courthouse and done the research as to who owns the minerals and that is why they are contacting you. Be careful when negotiating a lease and read up on this forum about what to include on a lease and how to negotiate a high royalty and bonus.
You can also ask the company for the title research and "chain of title" that shows you as the mineral owner to those 8 acres. Often times they will give it to you if you ask and they really want to lease you.