I have been offered $6000/acre for mineral rights on about 50 net mineral acres in Tyler and Doddridge counties. Does this sound reasonable for rights in this area? There are vertical wells producing on the land for over 40 years and horizontal permits have recently been issued to go though the property. Any help and guidance would be appreciated.
Is $6k per net mineral acre just their initial offer? I’m not an expert at all, but if that is their first offer, then counter with $10k. Nothing to lose by countering with something even higher, of course. Sellers are at a big disadvantage in these deals, because it isn’t an open market with pricing transparency
It does seem reasonable to me, especially with a 12.5% lease royalty you likely have because of the old verticals. I have experience buying and selling acreage in this area. If you are interested, I can take a look and see if I can beat the offer.
I hope I’m not too late to this party, but I wouldn’t sell if there have been horizontals permitted under your property. The royalties should be a heck of a lot better over time that a one time sale. In fact, you’ll probably get more royalties in the first year than you would in a sale. I’m talking myself out of money here, because if you were to sell I could probably talk you into marketing it for you, but it’s in your best interest to keep those mineral rights.
I want to thank everyone for their replies. After a long back and forth with my family we have decided to hold off on selling our mineral rights at this time. I hope we are making the right decision. Time will tell.
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