Mineral Rights Proctor District


#1

I received a certified letter from a company wanting to discuss options on mineral rights in Wetzel County/Proctor District. I am 68 and I had no idea of this situation until opening and reading this letter. My questions is what do I need to do to proceed with this situation of 33+ acres that I know nothing about. I live in Oklahoma so I am at a disadvantage in trying to adequately research this, but I want to make sure of a fair valued option. The initial offer ($1550 lease/$2350 sell) discussed of these rights was not that substantial so any type of representation would most likely eat it all up, so do you just capitulate?

Any assistance is appreciated.

John/Oklahoma


#2

John, Wetzel County, WV has a free online recorder of deeds site: http://www.wetzelcountywv.us/ You could pull deeds to see what the interest is that you own. Also, WV has a free well GIS site that you could use to eyeball your acreage. WVDEP Oil&Gas Well Information. One offer in the mail is not always the best offer. A brokerage such as CX-Energy would expose your oil and gas interest to thousands of buyers, often bringing back multiple higher offers. Oil and gas ownership in WV is messy and time consuming to figure out.


#3

John,

The offer for both leasing and buying are ridiculously low. I do NOT know Proctor District, but it is very common for parcels to sell from 4,000.00 / acre - 6,000.00. Equally, though down from the highs, I suspect a lease should be double what is offered and have a significant royalty.

Have you been paying property taxes for the parcel?