They offered $2,500. for all 116 acres, although my sister owns half. A few years back we leased the land for $10,760.00 (three years). What is a reasonable offer for this area as I don’t know if there is any activity at this time? I was offered $2500.00 per net mineral acre a few years back. Quite a difference from this recent offer. Thanks for any help.
Do you and your sister own surface and minerals?
Not sure what you mean about surface. The Mineral Deed presents as undivided interests. Does that help?
If you have only a mineral deed, then you probably only own the minerals and not the surface. Prices are very low right now due to the imbalance between supply and demand attributable to the COVIC-19 lockdowns and the Saudi/Russia tiff about production amounts.
There are many sections 25 and 26. What township and range?
Are you sure you own 116 acres? The leases usually have the gross acres on them, not the net acres. It would be fairly unusual to have that many net acres this many generations away from original patent-although it could happen.
Undivided 30 acre interest in and to The Southeast Quarter (SE1/4) Section 26, Township 12N, Range 3 East and, the Undivided 80 acres interest in and to the Southeast Quarter (SE1/4) Section 25, Township 12N, Range 3 East and, the Undivided 6 acres interest in and to the Northwest 1/4 (NW 1/4) Section 26, Township 12N, Range 3 East. I don’t see anywhere on the Lease Agreement where the total acreage us but Section 26 is left out.
Yes, I believe it is just for the mineral rights and we do not own the land. My Grandparent’s originally owned the land many years ago, maybe even my Great-Grandparent’s but sold and kept the mineral rights.
I understand that this is not a good time to sell and prices are low but I was offered $2,500.00 for all of it and thought that was crazy based on other previous offers a few years back. What would be a reasonable quote - any idea?
Thanks for any help you can give me.
$21.55/ac is what an offer of $2500 would come out to.
So, based on the current situation (Covid), I should hold out and wait for a better market. Yes? If wells are drilled and nothing is found, are they ever viable again?
Thank you.
Yes… My 2 sisters and 1 brother and I own surface and minerals on Section 03,Township 15 North, Range 06 East, Lincoln County, Oklahoma
I would guess you likely have closer to 10 net mineral acres rather than 116. Leasing outside of the main drilling fairway going from $1000/acre to $250/acre from 2017 to now sounds like a more normal ballpark.
I would definitely hold out for a better offer. That is way too low. We are in the same situation in W Va. Wanted to sell a while back but my husband’s siblings wanted to wait. So we lost out and are now just going to wait it out.
David, no solicitations are allowed on the forum. Please delete your message.
If they offered your $2,500 total and not $2,500 per acre, I wouldn’t even respond back to them. That’s beyond an offensive offer. Hold on to that for sure at least until oil prices rebound.
Thanks. I intend to wait and see. It may be years but I wouldn’t sell that low. I can always give it to my kids as part of their inheritance.
Thanks. I just read that in order to calculate your net acreage you have to divide your undivided acreage by the total acreage in the tract. How do I find that information? This is all so confusing!
Your net acres will depend upon who owned that deed description you listed above and how many generations it passed through since then and who it was distributed to. In general, each section is 640 acres (unless it is on the northern tier of sections 1-6 or the western tier of sections 6,7,18,19,30,31 which are adjusted for the curvature of the earth.) Each quarter section is 160 acres. You have 116 acres described above, but if that was divvied out among family members as it passed through each generation, then it will be less. If your grandfather owned 116 acres and passed to your mom only, then she would have the 116 acres. If she passed equally to you and your sister, then each of your has 58 acres. But if your grandfather passed it to four of his children equally, then each child would get 29 acres and then if your mom passed her 29 acres to you and your sister equally, you each have 14.5 acres.
Thank you. So my sister and I have 58 acres each but is there a difference between “acres” and “net acres”?
It all depends upon the context of what you are talking about. The gross acres refers to the larger parcel. For example, in part of your description you both together have 30 acres in the SE4 of section 26. In that case, you have 30 net acres and the gross is 160 acres. If you are talking about all of your acreage in section 26, then you would add in the other 6 acres and say 36 acres out of a gross of 640 acres in the section.
Do them a favor and set up a trust or have transfer on death deeds so they don’t have to go through probate.
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