Good afternoon. I am new to this but have long heard the stories of the oil property. My grandparents (step-mothers side) have had mineral rights on their side of the family as long as I can remember. Over the years, they have passed down to my step-mother and she is now looking to sell a portion. Before selling to another group, I asked for information on the property as I see it as an opportunity to continue the legacy of my grandparents and also as an investment.
I spent alot of time on this VERY valuable site last night and ended up on a couple others gathering information last night. FIrst, thank you all for all of the great information you share here and the great things you are doing helping others.
I'm looking for a little guidance because while I was able to find the list of all wells on the property I wasn't able to find when the leases end. I'm trying to determine if the property is still a good investment and something I should take on. I know there is alot that comes with it as far as taxes, etc. There is a current offer of $3500 per acre and there are approximately 6.5 acres. She receives checks each month totaling anywhere from $500 to $900.
What advice do you have for me as I look at this investment? The land has been producing for some time, some of the wells are from the 90s and others as recent as 2013. I have the coordinate of the acreage and just want to know if these normally continue to produce for many years, would have any potential to have more wells in the future, or what other questions I should take into consideration as I evaluate this investment.
Any advice would be greatly appreciated.