Hello, I have received an offer to purchase my non-participating royalty interest in Loving County; more specifically, All of Section 74, Block 1 (W&NM Railway Survey). I have no clue about what I may or may not have here, so seeking guidance to assist me in this process. Thanks in advance.
I was in your position about 2 years ago. Did you know you had this royalty interest? If not, can you think of a name of a relative that you might be a legitimate heir of? Start by going to the Texas Unclaimed Property site and searching on all forms of the relatives name - maiden and married. If you find funds there, it will give you an idea of how long the property has produced and revenue generated. Then go to the Loving County property records and search for the relatives name. You may find a royalty deed that defines the royalty interest and the covered area. The next step is to research the Texas Railroad Commission GIS info system to find how many wells have been drilled on the parcel and the name of the producer.
Do your homework and find out what you might have. Then be very cautious about offers that come out of the blue. Frequently, they are fishing and offer low-ball amounts just to see if someone will bite. Offers can come ahead of the bit and they want those future royalties. Most offers are for current production only as they make their profit on the upside of future wells.
Here you can download the Loving County Mineral Roll: Loving County Appraisal District
There is production in this section and the name of the lease is: THORPE 1-74 LOV
You can sort the excel sheet by this lease, multiply the interest % (the only column that’s a decimal) by 654.6 (the gross acreage in the section) and by 8 to get the net royalty acres (NRA), and find whom you received it from as it doesn’t show a ‘Combs’
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