Hello - Learned recently through landmen calling that my sibilings and I have mineral rights in Township 1O N Range 63 W - would rather work with royalties than $ purchase, and trying to understand current pricing/value. (my sister wants to sell asap, though she’s fallen to predatory deals in the past, so I’d like to get the best possible for her, and us)
can see on mineralanswers.com there are active wells in that parcel, though have no idea how relevant that is.
Also many, many links out there say they can help me, but I don’t want to sign up for a bazillion conversations just to try to sort out answers. and this forum seems to be providing earnest and honest information (thank you!).
any recent/relevant pricing and business savvy that can be shared is much appreciated.
You need to make sure that your title is clear by filing probate or affidavit of heirship documents in the county courthouse. Depending upon what section you are in, you may have upcoming horizontal wells. The township to the north has quite a few sections with many horizontal wells in each section.
Most offers come ahead of the bit because someone knows something and they want to get in on the action. Many offers start off low just to see if someone will bite. Many offers only pay for current production and don’t tell the mineral owner about pending wells. That is how they intend to make their profit.
Check the unclaimed funds in the state where your ancestor lived. And also Delaware just in case. You may have funds waiting for you.
You both need to contact the operator of the current wells and inform them of your inheritance and get into pay status. Do not sell until you have more information.
You do not have to sell everything if you choose to do so. You can sell part of the acres or none of the acres.
Kevin, Ms. Barnes always gives sound advice. You may want check multiple States for unclaimed property since unclaimed funds some times are sent to a State where there is no basis. The current operator can provide you with recent purchasers for oil and gas. Once you have that list, you can contact the purchaser and inquire about suspended funds and what State any unclaimed funds may have been forwarded. You can get on the CO website and get a history of the wells and operators. Take your time. If someone contacts you in this manner, then the property is generally worth more than the offer. Ask them in an email what they know about suspended funds and any unclaimed funds.