My adult children were contacted by oil company wanting to purchase or lease 10 acres of mineral rights in Unitah and Duchesne Counties in Utah, that they inherited from their father. We know nothing about this industry and its’ workings. They received an offer to purchase for 20k. My son then asked about leasing and the company said they weren’t as interested in leasing as they were purchasing. My son asked for the legal description of the rights to enable him to do some research and there is no response from the Company. What should we do next??
As you will hear from many others on here, you will soon learn that there are a lot of folks just fishing. They throw a lot of lines in and see if there is some low-hanging fruit they can buy for cheap. Based on these facts, the buyer is not likely willing to pay FMV for your interest. If you are interested in selling, there are better options available. If you wish to keep (and lease) your interest, you could do a little research to see which operators are active in the area and see if they would be interested in leasing your interest. If you don’t have a legal description, you may have to hire a landman or mineral broker to help you understand where and what you own.