My family has been receiving oil and gas payments for lots of years now but the checks are getting smaller and smaller. My sister and I were contemplating selling our rights before we die just to simplify our estates. Our Sections are 1 and 2 T13N R19W. Do any of you experts out there have any advise? Thanking you in advance for your input.
You can look on www.okcountyrecords.com and see if there are any sales in your county.
You might want to speak with an estate attorney. Sometimes passing on the rights is fairly easy and affords any heirs a step up in value. If they sell, they may have smaller capital gains tax. If you sell, you may have a higher capital gains tax since it was worth much less when you received it. Also, you have to prove a value or the IRS will list it at $0.00 and you will taxed on the whole sale.
If you have a trust, the minerals can be transferred into it, but your CA attorney cannot prepare the deed unless licensed here in Oklahoma. If you are not doing a Trust, a Transfer on Death Deed may be a better solution. In Oklahoma mineral ownership is fairly simple.
Bob, you are breaking the rules of the forum. Please remove your post. No solicitations are allowed.
Thanks for the information. Can I also look up other information regarding my wells? I am wanting to know if the company we leased with is still there or once the contract is terminated do they let you know? I am probably not wording this right. I am sorry.
You can look up your wells on the Oklahoma Corporation website.
You can type in the well name if you know it. Or your location. They will not let you know when your lease is up. If the well is plugged, then the code is 1003.
I’m posting a reply to my original post from 2019. Well, as it turns out there have been two companies asking about us selling our mineral rights in Sections 1 and 2 13N 19W. Is there something I should know about those sections? Is there some future wells being drilled? Do you think it is safe to sell with no regrets? My sister and I inherited this in 1997 and have been receiving income. The original wells were drilled around 1985. They did great for our mother. At the time of her death we were told by a geologist that they probably only had about 8 more years left in them. Well it’s been 26 years and the money (much much smaller amounts) is still dribbling in.
Offers to buy usually come before a rig as someone knows something. A new horizontal permit has been filed in sections 4&9 just to the west of you in the township. Nadal & Gussman filed as operator and they just spud the well. They have also filed OCC cases in those sections. They have also filed cases in 10&15 just to the west of you and catty corner. Active leasing in many of the sections around you.
So it appears that something is happening. If you have no need to sell, then you might want to wait and see what develops. When two or more companies are making offers, that means more than “one somebody knows something”.
The old wells n the area are vertical wells. New drilling is coming in with horizontal wells, which if successful, tend to have much higher production (and therefore higher royalties.)
Just a general question. Our family owns a number of mineral leases in Custer County. Very recently theres been a dramatic increase in offers to family members for leasing and even purchase. I myself have received three leasing offers so far. Whats behind this sudden activity?
Depending upon the location, there are quite a few permits pending in Custer, so offers to buy and leasing are quite often affiliated with those permits. If you give a township and range, then we can be more specific with which operators are in your area.