Just received an offer to purchase my minerial interest in section 15 of Payne County at 2500 per acre. As I live out to state and have no idea if this offer is fair market value, to keep of sell or continue leasing, my lease expires in April 2014. Any information or referral will be appreciated.
Unless you need the money, I would not sell. Minerals do not eat nor do they die. If you do sell, why not sell some and keep some, a win/win situation
What is the legal description. I wouldn't sell for twice that amount if they are 1E to 4E. Is it 18N? There are several section 15's in a county.
I think Charles is right when he said sell some keep some, that way if they don't drill or it's not a good well then you locked in some money as most of those in the Mississippian and Woodford haven't had activity in 30 years, but if they drill one or more good wells you participate by keeping some but that is only if you have at least around 10 or 20 acres. That's what I'd suggest and I have received offers to sell me minerals right by yours from $1800 to an offer to sell me some last week for $2500 per acre that is permitted. Calyx is drilling most of the Payne wells, they drilled one in just a few miles North in 18N that IP'd at 42 bopd and another that IP'D at 453, both were Mississippian. It can go either way and it is always a personal choice to sell or not. Many have never sold any of their mineral rights and they never made any money, look at North Dakota like 3/4 of the state never made money on their minerals rights. Then there are others that sold and they and their heirs lost out on making a lot of money like the other 1/4 of ND. Who knows what technology they will be applying 100 years from now so if you don't need money save it for your heirs.