Hi, I own 1/6 of property in Lea County, New Mexico T15 R 32E Section 35 S1/2 and T14 R 33E Section 33 E1/2 Currently no lease. Well was plugged in one section in 2011. I know this is a great location and my first offer was $25,000.00. I would love any feedback regarding this offer. M Barnes I would love your professional opinion. Thank you.
I do not own anything in Lea County, so cannot comment to that area. However, it would be more useful if you post in the correct state and county so that folks who own there can help you. Go to the flag at the top left, then New Topic. Roll down the categories to New Mexico and then select Lea County. Also, the amount offered is usually in dollars/acre. So is your amount gross or per acre? Just in general, every offer that I have received to buy my minerals has been low to my opinion of the value based on good engineering evaluations of my properties. Keep that in mind.
Okay, I will do that. Thank you so much.
One more question? I don’t know if my offer was gross or per acre. His exact words are we are looking at around $25,000.00 and that if I was interested, get back to him. If it’s per acre, then you mean $25,000.00 x 320 for one section and $25,000.00 x 320 for another section? How do I figure out the total and do I just send him an email asking to be more specific?
Apologies on other post. Didn’t realize you had this post. Your acreage is located well north of the core Delaware Basin. Looking at the offset wells nearby, there’s production from old vertical wells, and no rigs or permits nearby as well. I added a map for you to see.
NMoilboy is a resident expert, and would have good feedback for you on exact pricing.
I would call the person who made the offer back to clarify, but based on the location, he may have made the $25,000 as a gross amount.
Thank you. I did and I am waiting for a reply back.