Potential value in town lot

Hello

We are closing on a home in 79703. Our contract makes no mention of mineral rights and at closing the seller then expressed desire to keep mineral rights and wants me to sign amendment.

So my question is what is the potential value of mineral rights for an old house with .2 acres in Midland 79703.

Could anybody give me a ballpark of what I have to lose or gain so I can decide if it is worth fighting over.

Thanks in advance

It depends where it is specifically. Some of 79703 is pretty busy with HZ wells. But none of it is worth zero. I’d say you are probably talking $25k/acre on average so might be $5k?

To my chagrin we (meaning my wife :grinning:) just gave away about that same amount on MIL house sale @ 79705 because parties tired of haggling.

Thank you for your response.

This area on Louisiana.

5k is enough to do some needed repairs that I let slide.

Might have to hold my position so I’m not chagrined

Looks like that would be in this (orange) undeveloped unit. I kind of figured you would be further west. Problem with developing the “middle/bullseye” of Midland is finding a place to put a well pad between 250 and Business-20. So maybe that makes this worth less. Figure maybe this one gets drilled from a pad north of Goodwill on Illinois or something.

Its worth something. $5k as good a measure as any. Ours was in the unit immediately to the East of there, which probably would have to get drilled from Midland college or something.

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Appreciate the insight