I am wanting to sell 3.75 acres of minerals in 10 09N 04W in McClain County. We have received several letters from different companies wanting to purchase them, but worried they may not be legitimate .
Is there a simplified platform to sell them on? Some place reputable?
Thank you - .
You might need to know that Eckerd has a new horizontal permit for that section going into 14 and 22. The horizontal will pay out far more than the current and past shallow wells. That is the reason that you are getting offers. If you really don’t need to sell, sit back and wait for a few months. If you do need to sell, there are several mineral auction sites that are viable. Many buyers have an algorithm that is for paying for a certain number of years of production. I have heard three-five years. Our family prefers to hang onto decades of production. It is highly likely that if the first horizontal well is productive, several more infill wells will be drilled in the next few years. Buyer usually don’t mention that as they intend to make a profit off of buying the minerals.
What makes you think an online mineral platform would result in “legitimate buyers” vs the offers you are getting now, from the same buyers that would bid on them online? You can use a site like energynet, but Im not sure if they list deals that small and would take a 10% fee
I strongly suggest you wait till at least you have a pooling order and a well proposal from the operator.
I also believe you will make out much better holding on to the interest, but if you must sell a sites like Energynet or Oil and Gas Clearinghouse will generate a higher price. This is due to the many buyers who will look at your interest and ensure a market price for your interest in a competitive environment.
My many years of buying and selling interests suggests these platforms more than cover their fee.
There are many platforms where you can sell your minerals. I agree w/ M_Barnes. If you aren’t in a pinch to sell, it would most likely benefit you to be patient and see how the wells perform. Happy to answer any additional questions.
I have mineral interests in Oklahoma, Texas and New Mexico and have received a number of unsolicited offers through the years. In 2023 I assisted my brother in the sale of his mineral interests using U.S. Mineral Exchange and we were very happy with the result. We received competing offers that went on for a couple of weeks until we received a final offer and sold his interests for much more than we anticipated. The buyer paid a 6% fee on the sale, there was no cost for us.
I would never sell my mineral interest based on offer letter from a company unless I determined that the offer was exceptional and company was legitimate.
I think that a lot of mineral owners are wanting a website that they can list their mineral rights for lease more so than to sell.
The landmen go to the county courthouses for title info when they are instructed to lease in an area. Mineral owners need to make sure that their addresses are up to date and have a description of their acreage and the proper title info filed such as a deed, probate documents, affidavit of heirship, etc. The courthouse is the legal repository for that information. And if they are online, then that is the website that shows their acreage is open.
Most landmen that are supposedly working in East Texas with SO much of the acreage with sometimes 100’s of owners in some tracts have no idea how to contact them! There might be other tracts within his buy area with very few owners that they might let sit idle that the landmen don’t attempt to try to lease.
Ten or more years ago in East Texas before there were online websites Oil companies and brokers opened offices in the County Seats and the landmen worked there! This was way better for mineral owners and in a lot of cases better for the brokers and companies. A mineral owner could offer his acreage for lease. Now the landman may be in another state working online and the mineral owners miss out!
You might not want to sell if you were aware that there is a new horizontal well permitted for that section. You are likely to make more money off of royalties from that well than by selling. The buyers intend to make a profit off of you.
The new well is called Racer 10X15X22-9N-4W 1WHXL by Eckerd Operating. If the first well is successful, then you have a chance of infill wells after that. You would be giving that revenue up as well if you sell. The buyers do not generally tell you about the future potential and they don’t usually pay for it. Eckerd has a second permit for the Racer 10X15X22-9N-4W 2 WHXL. They have a set of three horizontal wells planned in the sections to the west.
Extra information to know for your decision.
Also, the pooling is scheduled for Feb 2, so if you are leased, you are fine. If not, then pay attention as you only have 20 days in which to answer after the order date.
You’re right to be cautious. Unfortunately, this forum is full of stories where mineral owners signed a lease or deed, returned it, and then never received payment — or were paid months later after a lot of chasing. Some of the letters you’re getting may be perfectly legitimate, but others are not, and it can be very difficult to tell the difference from a cold-call offer alone.
There isn’t a single, simple “Zillow-style” platform for selling minerals that eliminates risk. Most legitimate mineral sales are still done either (1) directly with a known buyer that has a track record, or (2) through a controlled closing process.
A few practical safeguards that help avoid problems:
• Do not deliver a signed mineral deed without payment. The safest approach is a true closing: deed and funds exchanged at the same time. • Use a third party when possible. An escrow agent or title company can hold the signed deed until funds are received and verified. • Verify the buyer. Look for an established company name, an Oklahoma address, and a history of recorded deeds in county records. • Be wary of “mail-away” deals. Requests to return a signed deed with a promise of payment later are where many problems arise.
Some mineral owners also work with attorneys or mineral brokers who can either vet buyers or structure a simple escrow closing so you’re not relying on trust alone.
Bottom line: your concern is well-founded. There are reputable buyers out there, but protecting yourself in how the paperwork and payment are exchanged is far more important than finding a single platform to list the minerals.
Notice: Informational only. No attorney-client relationship is formed by this post. I am an Oklahoma-licensed attorney, but this is not legal advice. Do not share confidential facts in this public space.
Thank you for some very sound advice.
