Prior mineral rights sales

Oil and Gas Leasing Help
1

Can anyone help me find information on prior mineral rights sales(per acre) in Carter County, Okla
in 1998,99 or 2000.

I need information for establishing a base.

Thanks

MSP

2

By base, are you referring to a basis for tax purposes?

If the property was inherited and you are looking for a basis on inherited property, one potential avenue is to look at the Carter County, OK probate records around that time frame and search the probates for an Inventory of the estate to see what value was used by those estates. I have never thought to do that before, but it kind of just came to me as I read your question.

As to mineral right sales, actual consideration is almost never listed in the sale document and there is no MLS for such transactions.

Best,

Buddy Cotten

3

Thanks Buddy:

But I(anyone) would have a federal and stae tax obligation. ...and if those old probate records are low ball valuations then they do not do me much good as a base. An MPA would have an agreed price.

Thanks again.

Marshall

4

Marshall,

You will always have to deal with the possibility that people are going to low ball the price for tax purposes. However, another possible avenue, if you are in the County, is to pull conveyances from that timeframe and you can calculate the consideration based on the documentary tax stamp that is on the document. The amount of Doc Stamp tax is $.75 for every $500 or portion thereof. This can get you close. Most royalty purchasing companies will report the correct consideration, since it is a crime to do otherwise. The biggest problem for you here is knowing the exact amount of acreage if it is not stated on the deed.

Chase

5

Thanks Chae:

Your reply is what I was looking for....I wonder how cooperatiove the folks in Ardmore would be in helping me...or knows of someone who hangs out around the court house doing research for people for a fee....

at least I know such people lurk in the courthouses here in Georgia.

Marshall

M. Chase Ritter said:

Marshall,

You will always have to deal with the possibility that people are going to low ball the price for tax purposes. However, another possible avenue, if you are in the County, is to pull conveyances from that timeframe and you can calculate the consideration based on the documentary tax stamp that is on the document. The amount of Doc Stamp tax is $.75 for every $500 or portion thereof. This can get you close. Most royalty purchasing companies will report the correct consideration, since it is a crime to do otherwise. The biggest problem for you here is knowing the exact amount of acreage if it is not stated on the deed.

Chase