I have mineral rights, currently leased to Antero, in Lincoln District, Tyler County, WV. I have only received a small payment when I signed the leases, one in 2019 and one in 2020, both for 5 years. Recently, O&G companies have been contacting me to purchase my interest. I don’t know if any wells are producing, have been drilled or if permits have been issued. I plan to call Antero to get this information, but how do I determine what my interest is worth? There are 18 tracts, about 550 acres, with about 150 heirs. Can anyone offer some advice. Thank you.
Good morning,
There are a lot of factors that can determine the value of your minerals. A good rule of thumb to start to value them is 4 times the lease bonus that you received back in 2019 and 2020. It’s not an exact science, but you can weed out lowball offers that way. Do you have tax parcel numbers for your properties? I can take a look and see if there’s any activity happening near you that is prompting the increased contact.
Thank you so much for your advice. Here are the parcel nos.: 48-04-0015-0013-0000 48-04-0015-0002-0000 48-04-0015-0004-0000 48-04-0015-0004-0001 48-04-0015-0005-0000 48-04-0015-0007-0000 48-04-0015-0007-0001 48-04-0015-0007-0002 48-04-0015-0010-0000 48-04-0015-0010-0001 48-04-0015-0010-0002 48-04-0015-0011-0000 48-04-0015-0012-0000 48-04-0015-0014-0000 48-04-0015-0015-0000 48-04-0015-0015-0001 48-04-0015-0015-0002 48-04-0015-0018-0000
If you don’t mind sharing, I’m curious as to what the Oil and Gas companies are offering for your tract(s).
Highest offer is $15,000
Does seem worthwhile to call Antero to see if they have any plans to bring interest to production. Assuming that the $15,000 offer is for the entire mineral interest and not to buy out your lease with Antero. If buying mineral interest, curious as to what lease language states as to withdrawing from Antero contract. $15,000 divided by 150 heirs doesn’t seem worth it any way you look at it.
Antero has right of first refusal. The other co has made offers to 3 of us, that I know of, for $15,000 a person. Idk if there are any producing wells on the property or plans to drill or if they even have permits. When we get the offer in writing we will take it to Antero.
You can look up the location of your parcels in one or both of these places: (1) ArcGIS Web Application (2) WV Property Viewer You can find your parcel on this map to see if there are wells or permits that run under or close to it, then click on the well circle and it will bring up the API number, the operator, and the production if in production. WVDEP Oil&Gas Well Information Once you have the API # you can go here and follow the directions to look up the permits for the well/wells: Welcome to ApplicationXtender Web Access -Passsword: DEP and Username: DEP -Click “PermitsOOG” as you see down below -Select the “+New Query” to begin your search. -Use 10 digit API plus 0000 four extra zeros. For example 47043012340000 You can also go here and put in the API # for the well to find the detailed monthly reported production of oil, gas, and natural gas liquids: OOG Well Work Permitting Report
The offer was for $15,000 per person to me and 2 of my sisters. I don’t know if the offer was made to any other heirs. I received the official offer on Friday and I’m not sure what to do. I’m inclined to take it since my ownership is so miniscule. What are your thoughts?
Given how many heirs are on this piece. Seems like $15,000 for you is not a terrible deal. Like think about how many royalty payments it’ll take you to get to that amount (given the large amount of heirs at play)
If you are able to bring some of the family together to pay for a surveyor / geologist to give you a value of the resources at play, or if Antero gives you this information - would be worthwhile. You are really shooting in the dark without this data.
Just some ideas. Hope this helps!
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Wow…you are lucky…I have signed (and negotiated) TWO leases and NOTHING!! I DID finally receive packets to begin receiving royalties…we will see.
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