E/2 SEC 12 & 13 BLK 35 T-1-S T&P RR CO What is market value?
That’s a very good area with horizontal wells all around the tracts you listed. I have some minerals very near there, myself. If you are getting unsolicited offers in the mail or by phone, chances are they are much too low. Everything I get is. With that said, do you know the size of the interest you own in terms of either royalty acres or decimal in existing leases/wells?
Thank you for responding. My share is very small, part of a trust shared by 8. I have very little understanding of how this all works. We have two offers. The first was unsolicited. The second offer, we contacted a person that was on our division order papers. Any insight would be appreciated. Is there a place to get information on the buyers…reviews, reputation, etc.
If you post in your state and county and read the topics in that county, you will get caught up to date on the activity and players in that county.
When I get an offer, I do several things to see if the buyer is legitimate. -I look them up on Bizapedia and see how long they have been in business. No problem in being a new company, but I am look for the owners to see if they have experience and their BBB rating.
-I look up the owners on LinkedIn or other sites to see what their training and background is.
-I look up their website. Are they willing to say who they are? Who is funding them? What do they do? etc. If they are not willing to reveal who they are and how they are funded, then I will not deal with them.
-I ask if they are willing to put 10 percent of the purchase price in an escrow account as a good faith measure. What third party is holding that escrow for them? Attorney? Accountant? I want a PSA in writing and an agreement that the remainder of the payment will either be paid to the escrow account and my third party who is holding my lease will turn it over when the check clears or it will go to my direct direct deposit account before my third party will be handing over the lease or deed. Never ever hand over a deed or a lease without getting paid. -Get professional advice. Get multiple offers. -Depending upon your original purchase price or inheritance value, you may have to pay capital gains. You will have to document your value. -And of course, consider that those who offer to buy plan to make a profit off of you. Is there future drilling coming? Are there other horizons? Buyers are sophisticated and have good intel. -Consider your overall financial plan and how your minerals fit into it.
You can look up your area on the Texas RR commission site (I am guessing you are there.).
RRC GIS MAP to locate properties and production; http://wwwgisp.rrc.texas.gov/GISViewer2/ 1 click on the magnifying glass at the top to search click “Surveys” then select yours then in the “ABSTRACT A-” box type yours then click the “Query” button This will jump you to the subject abstract
Once you’re there, you can close the search popup Then click the circle i button at the top (information) select “wells” this will allow you to mouse over a given well to obtain additional info Looks like there’s no current production on this abstract but you may look in the vicinity for a pooled unit which affects your tract of land (big maybe on that though) Good luck!
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