Were recently approached with an offer to purchase minerals located near Greeley Country Club in Sec 11, T5N-R66W. I see that Extraction Oil has production from a 10 well pad on the golf course property and the bottom holes on a couple of the wells are in the NW/4 of Sec 11. Also appears that they have an approved permit for another 10+ well pad with bottom holes under our minerals. The landman is quite persistent. We don’t own very much interest but want to learn if anyone else is receiving offers to get an idea of the per acre price. Is anyone working with Ferrari Energy or Extraction Oil out of Denver?
I also have just received an offer for mineral rights. I would be interested in receiving others just to keep things on the up and up. T6N -R65W-Sec 19.
Can you reveal who the offer was from?
I'll PM you.
Maja,
There is a fair amount of activity in Weld County so don't rush into any deals. As John mentioned, it is worth getting several offers to ensure you aren't getting taken advantage of. Depending on how much you own, it might be worth getting an appraisal which will take into account current production as well as any "Proved Undeveloped" reserves (e.g. the value associated with the permitted but not drilled wells).
As far as the market is concerned, I've seen ranges from on the low end of $1,200 to the high end of around $16,000 per NMA with typical range in the $5-12k per NMA.
It sounds like you have been doing some good due diligence via the COGCC website on your own - keep up the good work.
Thanks,
Matt Sands
Minerals Management