Hi! I own oil and gas interest in Mannington District of Marion County, WV; Parcel 12-53-3, 3.1. I was approached by Country Roads Minerals to purchase my fractional interest for $9200.00 for the 2.2 net acres. There are other family members with rights on adjoining land, so this tells me that there is a possibility of near future drilling, however I am struggling to navigate the process of determining that-I’m not finding any pending permits, but may be going about it incorrectly.
Should we hold on to our property considering this is a lucrative area? Any help would be appreciated! Thank you SO much!
I strongly recommend that you don’t sell. Most of the buyers are working just ahead of the drillers at this point. It’s likely that there’s an oil and gas lease coming your way sooner rather than later, as in months away, not years away.
That said, if you really need the cash and it will make an enormous difference in the way you live your life long-term, go ahead and sell. Just be aware that you can get a good bit more for your acreage than they’re currently offering. I don’t think I’d sell for less than $6K/acre, and that might be a bit low right now. After all, you can lease for $4,500/acre and expect to get royalties when production starts.
12-53-3, 3.1 will be fully unitized in EQT’s Tesla South Unit. Timing is up in the air, but the area has great geology & the wells will be prolific. HOLD and lease.