I am in the process of selling a portfolio of mineral interests - about 10 tracts in Leon and Freestone counties. (I have personal reasons for selling, so no need to discuss pros/cons of selling versus holding.) In the past I have received purchase offer prices per NMA from some offerors and per NRA from others.
My specific question is: what is the difference between a Net Mineral Acre versus a Net Royalty Acre? We have recently seen a lot of interest in leasing our tracts, but have not moved forward on any leases. So almost all of our interests remain unleased (only a couple of tracts are leased and they have one or two old producing oil wells).
How are those terms (NRA and NMA) calculated? Is it different for leased vs. unleased tracts? When legitimate offers come in, will they be one price per NRA for our leased tracts and a different price per NMA for our unleased tracts? Or am I totally off track?