So my mom inherited 5 acres from a 160-acre plot, her land is located in Reeves County SE/4 8C Section 28 abstract 3902 on the PSL survey. She has a 2-year lease with one year left I believe (no royalties paid out to her at this time), and now has been offered 100k for the mineral rights and any future royalties. Is this a good offer? Should she hold out for a better offer or should she maintain the rights and continue to lease? The company making the offer is ES3 Minerals LLC. Any insight/guidance would be greatly appreciated. Thank you!
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Hello, First, do not take your first offer. More will come. Second, the section you are in has an active permit to drill. Aka you will be receiving royalty interest once the well is completed. Here is the link to the drilling permit. http://webapps2.rrc.texas.gov/EWA/drillingPermitDetailAction.do?methodToCall=searchByUniversalDocNo&universalDocNo=491965323
Lastly, a few miles to the north there are 3 active drilling rigs. Those 3 drilling rigs are drilling a total of eight well bores in one section.
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Craig, Thank you so much for the extra mile info! I tried several times to get some info from the RRC query, but I couldn’t get it to cough up anything, figured I didn’t have enough info. So I shall take your shared knowledge to my Mom and see what happens. Again, thank you and have a great day! Sherry
I’m in Block C-7 PSL and Anthem has also offered $20,000/ac for my producing minerals. Wouldn’t even consider it.
Hello, we also received an offer in Upton County from ES3. Did you actually do a deal with ES3?
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What are lease bonuses in PSL? I’m in Section 42.