I, like most on the site, have inherited 1/2 OGM in Ritchie County. I have a parcel with 47 acres and one with 42 acres. There are a couple wells that are not producing at all. Recent royalty check was $17.00. I was approached about selling for $34,000 and was told that was a low offer. An attorney suggested holding on to the rights, hoping for a modified lease in the future. Any one in a similar situation?
Very low offer I think. Depending on where these tracts are, they could be worth a lot more or at least somewhat more.
Do you know the location of these?
Do you have the documentation on these? The deeds where your family acquired the rights? The lease or leases involved?
Here is a link to the website Complete System Support where you can view (and purchase) documents. After you select Ritchie County, you have the choice of Index search or Archive search. The index search is fairly easy to use, and started in 1985, although there are some older documents that were added to the database (filed in the courthouse) since 1985.
The Archive search is more difficult. If you need to look up a document, such as a deed or lease, and have the number, you select Deed Book or Lease Book or one of the other ones, then book and page number. However if you need to look up a name, select Deed Index. Select the letter that the name starts with, then for page, select A:0000. That can be somewhat tricky so if you have questions please ask.
I think in general, mineral rights are wonderful things to have. If you really need the money, consider selling, but for more than you are offered. If not, hold onto the rights.
Read on this and other county groups on this website, and the main page discussions. A lot to learn, and it is indeed a business, but in many of our cases, a business that we inherited and need to learn about.
Welcome to the group!
Lisa,
I have to agree with Nancy, the offer you received is Extremely low!!! Depending on the location it could be 5 - 6 times more than what you were offered.
Without knowing your personal financial circumstances, I would not recommend selling or holding on to the parcels. However, if you do decide to sell, you will be much better off in seeking offers from other companies.
Good Luck
Thanks for the info Nancy! I do have the deeds. It looks like my family has had 1/2 OGM for years. The area is Husher's Run and I am being told that the pipeline may run near this area. The current lease on the property is what throws me. There is a gentleman on the 47 acre parcel who leased his 1/2 but we did not. This is the confusing part for me and I'm not sure where to start. My understanding is that his lease expires in September. Such a mess but this has been in my family for over 100 years! I have no intention of selling.
Thanks!
Lisa,
Hushers Run is very valuable at this time, within the next three years there will be horizontal legs running through the region.
You mentioned a 17.00 royalty check, either that is for a lease on the 42 acre parcel or there is a lease already on this parcel. If you know who leased the other 1/2 interest, I would suggest you reach out to that company to ask why your 1/2 has not been leased, if there is an issue with the title or the production company has not been able to locate you.
Good luck!