Questions about Mineral Rights wanting to be leased by an independent contractor in Ohio

General Mineral Rights Discussion
1

My mother was recently contacted by an independent contractor working for an Oil Company in regards to leasing her mineral rights on a 1/4 acre lot in Ohio. Here is the back story… her grandmothers sister never had kids, and sold her land but not the mineral rights. The Oil contractor is now starting to contact the heirs to pay them a very small amount of money to purchase the mineral rights. I’m finding out some extraction was done and stopped when they found out the landowners didn’t own the mineral rights. How do I find out what this mineral right might be worth? The mineral rights would split by 16 equal parties.

Thanks Dominic

2

Dominic,

First let me say, I am NOT an attorney.

I suggest you remove the words "a very small amount" from your vocabulary and think much larger. Although prices are down significantly from the high point, the minerals are still worth quite a bit. Secondly, if a production company produced mineral without having the right to do so, they are in a huge bind and the minerals are immediately increased in value.

I suggest you speak with an attorney and get their recommendation before negotiating any possible sale.

Cheers

3

I used the term “small amount” because I think what he is offering for the mineral rights isn’t enough. My thoughts are exactly in line with yours. Thanks so much for your reply.