I’ve been offered $16,000 for 5.3 acres of property in Converse County, Wyoming. I currently lease the rights to a company that pays me about $3,000 for every 3 years. El Dorado Mineral Partners has been quick to make this offer. I’ve not ever had an offer to purchase the rights, just a lot of offers to lease it. I have always stayed with McDonald Land/Chesapeake. My 5.3 acres is part of a 360 family plot and my understanding is that everyone else sold their rights a long time ago. I inherited this from my mother in law, who inherited it from her aunt so it’s been in the family for around 50 years. So, this sounds great to have some money in my pocket, but I’m figuring after I pay taxes and such it really isn’t much at all and then I lose out on the possibility of any royalties (although they haven’t found anything in all these years). Any opinions or advice?
1 Like
Keep it no matter what. Lease agreements expire so dont hesitate to RE-LEASE it on your terms.take the money after taxes and do something good with it.
Welcome to the forum.
The first thing to do is find out what activity is pending nearby. Most offers to buy come before drilling. If you post the section, township and range, the forum can comment on leasing and current permits.
You do not have to sell everything. You can sell all, sell a portion or sell nothing. If you sell, you may need to pay capital gains tax, so keep that in mind.
2 Likes
I would not sell. I have received offers to sell mine in Crook county, WY. “They” sent me a mining lease and are mining uranium now, which is supposed to be very lucrative. I would hold onto them!
1 Like