Out of nowhere, my wife received a Mineral and Royalty Conveyance from Enerlex, Inc. in Broken Arrow, Oklahoma offering to buy her mineral rights to I RR Co Survey, Section 59-Ab. 543, Section 61-Ab. 544 & Section 74-Ab. 958 in Frio and La Salle counties, Texas. Offered price is $3,100.
We have no idea how she has an interest in these wells and how her name came up.
I’ve looked at the survey map but have no idea what I am looking at.
So, the questions:
- Is there any potential upside above $3,100 for these wells or should we take the offered price and run?
- If there is a possibility of money above the $3,100 offered price, where do we start?
We’re totally clueless in Colorado.
Thank you for any assistance you can give us.
Welcome to the forum. Ask the agent why he/she thinks that your wife owns them. Who did they come from?
Don’t be too quick to jump on a buy offer. First offers tend to be low to see who will bite. Many offers come right before drilling and the buyer intends to make a profit off of the sale. Or there are horizontal wells that they want the royalties from. Would she rather have the royalties?
Sec 74-Ab 958 has quite a few horizontal wells.
Sec 61-Ab 544 also has quite a few horizontals.
Same for Sec 59-Ab 543
Fully research this property. You can respond to Enerlex by email and request that they disclose any funds that are currently held by a State UCP or any producer that is known to be holding funds in suspense. Also request they disclose any wells that are related to the interest, the current purchaser, and operator. Finally request Enerlex to disclose how your wife received specifically this mineral interest. They most likely will not respond to these requests which may lead you to believe there is additional value associated with the property.
TexasFile has county records back to 1956 in La Salle County if you want to perform some title research. Also make sure to review the LaSalle CAD for property tax records. Good luck
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@M_Barnes was able to provide you with some great intel so you can make an initial evaluation.
I suggest you contact Clark Hood , CPL. He is an independent Certified Landman, who has leased two properties for me. He is very knowledgeable about Frio County. Phone: 210-621-3356. His company is Landon Energy, LLC. Tell him I referred you to him. He is a good guy and honest. He will tell you what you should do about your offer.Thanks, Victor
Agreed. Clark is a nice guy, hopefully EOG drills through your minerals soon.
I have a lease with Britanco, LLC on property in Frio County with two wells, HCE BB 05S - 302H, lease 19079. I have two landmen that are offering a high amount for the mineral right for my 50 acres. …my percentage in each pooled well is 0.0044545500. Of the 450+ pooled acres only 100 have not been sold, mine and another family member. Is there potential for new drilling in this area or is taking a high offer for my MR a good idea. I remember making decent money on wells in the late 70’s early 80’s and not sure if it is better to keep my MR or take a high offer. Thanks!
What block and abstract name, number and section number?
I am seeing a lot of permits around the Britanco well area, but not seeing that well’s name, so wanted to make sure I was in the correct abstract.
When there are offers, someone usually knows something and wants to make a profit.
Hello. I thought I replied but can’t find the reply. We are in A310 and while the lease is with Bri ranch we are receiving checks from fulcrum. Appoloies for the delayed reply.
Regards
Palma
I see eight active horizontal permits in that abstract with a rig onsite drilling the first few. That is why you are getting interest.
The map below shows abstract. The open blue circles are the new permits. Do you see your wells on here? I am having difficulty finding that well name under Britanco. Do you have the API number?
