have 10er a acres w/oil rights in reeves county, approximately 9 miles west of pecos and 1/2 mile north of I20. had a payment of 15 per acre for testing (150.00) and at one time was offered 10,000 dollars to buy all or even just oil rights. did nothing. is this starting to be valuable yet? description of property is "10 acres more or less out of N/2 of section 1, block 72, psl, save and except public easements. refer to exhibit a attached hereto and by this reference made a part hereof.; (tract 13)" that is what is written but the attachment not included in this discussion. Lawrence Bartlett.. contact info: ■■■■■■■■■■■■■■■■
Any property I have in Reeves county is valuable. Most are leased. Apache announced a big “find” and your property might be in that area. A lot of land men are representing flippers and they whine about low oil prices, but you probably want no less than 3000/acre and 25% royalty for a 3 year paid up lease.
Check the general land office website to determine if these acres are minerally qualified under the Relinquishment Act. Most PSL surveys are and depending on the type designated, you don’t really own the minerals–the State of Texas does, but you represent them as agent and receive1/2 bonus and royalties. Another designation in there are “free royalty” lands, where you own the minerals but the State retained a non-executory royalty right (usually 1/16).
A good way to look st your property is through the railroad commission website in Texas. They have a GIS map that you can use to find your land and see what wells or permitted sites are near.
thank you for all the info. will start researching the railroad website. do you know how I check whether I have free royalty or if I representive the state or own outright?