I’m new to oil & gas (just inherited) and had a question about offers to buy that I typically receive once or twice a month in the mail. Some will list the legal description and an offer next to it. For those, I’m assuming that they want to buy my entire mineral interest in that tract of land. I have calculated my NRA (if it’s leased) so I am at least familiar with that piece. But some offers just list a producing well, lease and a column for interest with a price next to it. The interest column matches the decimal on my royalty check statements which I believe is what they call NRI.
When an offer letter lists my mineral interests by well and NRI are they only interested in that well or do they really want my interest in the entire tract of land that the well is on? It’s difficult for me to compare offers when they come in differently and one that listed by well was shockingly low compared to the other offers I’ve rec’d in that same area and also to the appraisal I got for the same area. So I wasn’t sure if I was misunderstanding something.
I’m not interested in selling right now but I do like to keep and compare the offers for my own knowledge.