It depends on what fraction of the mineral rights you 18 own. For example if you 18 own 1/10 of the mineral rights under the 30 acres, then your “net acreage” would be 3 acres. The going rate per acre in Tyler county right now is around $2000-$3000 per acre. So you might get an offer of $6000 total ($333 each). If you own ALL the minerals, then you should be getting an offer of $60,000.00 or more! The key is to know what your “net mineral acreage” is–which is calculated by multiplying your fractional interest in the mineral rights times the property acreage. As you can see in your own situation, WV mineral rights under a property can have MANY, MANY owners after being split through inheritance from as far back as the 1890’s. Often back then someone would sell 1/2 or 1/4 of their oil and gas rights to a speculator. The speculator might sell half of that to some other speculator. All the fractional parts would often be split further and further through death and inheritance–which ends up in a complicated puzzle & legal mess for both mineral owners and Oil and Gas companies. ASK the oil company what your “net acreage” is, and then you will understand if it is a good offer or not. You CAN and SHOULD negotiate with the landsman and the company and get better terms on the bonus payment, the royalty percentage and negotiate for NO POST-PRODUCTION EXPENSES to be taken out if they start producing. What they are offering you is their “bare minimum” they are willing to pay.
1 Like