Many years ago (in the 90s) I inherited a small portion of mineral interest in Section 15, Township 9 North, Range 22 West in Beckham Co. I had the title cleared in 1995 and for several years I had it registered on the OK Mineral Rights Registry (but I haven’t moved and none of my contact info changed so I figured I didn’t need to keep that up).
Q1: For a while it was leased but not drilled and I haven’t had a lease offer in many many years and of course no royalties–I’m always curious how I would even know if there was something due to me (I live on the West Coast)?
Q2: I’m trying to simplify my life and am seriously considering selling (I also have a small portion mineral interest in Lawrence Co, Ill I would want to sell too). But I honestly have no idea where to start–any advice? Feedback?
Welcome to the forum. As a minerals holder in that general area, I can tell you that there hasn’t been any activity in a long, long time. I also inherited these mineral rights and I fully intend to pass them on down to the next generation. I have never received any purchase offer that would have been worthy of simplifying my life. At least wait until you actually have an offer to purchase and consider offering them to a family member in case they are interested.
We had a great run back in those days and it isn’t costing anything to see if it ever comes back. I would suspect that if your acres came up for some lease activity, the information used to contact you would come from your deed information recorded at the courthouse. Just my two cents.
The official registry for title and lease information is the county courthouse. That is where landmen and operators look for people. The registry is a for profit group.
Q1-You can look for missing royalties using www.missingmoney.com. That is the umbrella for looking in the different states. Check for Oklahoma and the state in which you live plus Deleware. The two wells in your section are P&A (plugged and abandoned) and TA (temporarily abandoned).
Q2-If there is no drilling, there is not likely to be much of a market for buying-yet. There has been a bit of leasing by MAKO just to the north of you, so something might develop over time if the reservoir they are interested in is in your section.
The decision on whether to keep or sell is a personal one and depends on your particular situation. If you think your children might benefit, then you should keep the minerals, but make sure they are subject to a Transfer on Death Deed or a trust to avoid probate. But, if you think the minerals might be ignored, then sell.
If you want to sell, you can always check the mineral buyers in the directory above and look near your area in Roger Mills county, on okcountyrecords.com to locate potential buyers.
I agree with Martha on the OK Mineral Rights Registry (don’t, just don’t…rarely if ever will a potential lessee look on their “registry” to find you. They will search for you in the county clerk’s records, and are pretty good at finding people even if they’ve moved.
As for 9N-22W I also own minerals in that township. 9N is really too far south in that part of Beckham to see much activity so it’s doubtful ours will ever be worth much. Most of the activity has been in 10N, 11N, 12N historically. There are exceptions, but they are few. Probably worth no more than $500/acre (if that) to a buyer currently. Mine haven’t been leased in over 25 years.
Buyers ask “How long will it take me to make a profit on this purchase”? In this township their answer is usually “Too long to bother with even buying here”. Just my $.02 based on my own experience with this township over the years. Hope this helps you out.
Keep in mind that selling triggers capital gains tax considerations. Search the forum for discussions. Don’t be surprised at tax time!
Notice:Informational only. No attorney-client relationship is formed by this post. I am an Oklahoma-licensed attorney, but this is not legal advice. Do not share confidential facts in this public space.
Can you please explain for the members of this board on selling 10 acres for $100k, paying the 15% capital gains taxes and taking the leftover proceeds, so around $85K and investing it in the stock market and making 10% or so a year vs holding on to the same 10 acres and paying the taxes on lets say $20k a year on production that will decline dramatically after 2-3 years? Interested to see the math behind this.