Thanks Guys I appreciate your help. I will be back after I get more information.
Y
Mat Ekblad said:
Vicki
It would be difficult to get a Mineral Deed in hand like Ruth suggested. More than likely if you are the heir to the minerals by way of grandfather or grandmother and then mother or father then there estates would either have to be probated or the probate reopened, then a PR Deed done to get the minerals to you and other heirs by way of deed. Which generally is a expense to you and the other heirs. When a Oil company is going to lease you as an heir they generally will use a document called a Proof of Death and Heirship which allows them to lease the heirs of an estate. This doc is done at no expense to you, but to get the minerals passed by way of conveyance, you will need to either find a Last Will and Testament of the deceased that may pass interest or distribute by way of the Laws of Intestacy and appoint a PR. That would need to be done to recieve royalty payments off of a producing well. At times oil companies will help with this to clear title.
Hope this helps.
Mat Ekblad
Ruth said:
Whoa! Slow down. If you have inherited minerals in Williams County, which is in western North Dakota, you may have some valuable minerals. First, get your mineral deed in hand. Second, don’t rush to lease. You need to get some comparisons. Get XTO’s offer, for example, and then contact Continental’s 800 number and ask a landman to contact you. See what offers you get. These people won’t walk away without a lease. When you have settled on an offer–and your royalty should always be at least 3/l6th–then contact an oil attorney to go over your lease and clean up the bad parts of it that favor the oil company. Don’t know what bonus rates will be offered–what I think you mean by “upfront royalty”–but I would guess in the $400 to $l000 an acre range. Will depend where in Williams County.
Vickie Warnick-Peunic said:
Hi Mat! I am in NY State and just received a call from someone from XTO. She said my Grandfather’s sister left him property in I believe Williams County ND. My Grandfather died in 1975. My mom (his daughter) in 2002. I have 3 siblings 2 in Washington State and one in Southern California. This lady, Karen Someone said she wanted me to call her as we are the heirs to 1/2 of this property. My uncle inherits the other half. They want us to sign a lease with an upfront Royalty. Reading this forum I see there is alot I don’t know. I work in the medical field so this is all greek to me and I don’t want to be taken advantage of. I believe atleast 2 of my siblings will go with my decison. Possibly my sister too. If you have any advice I would be very greatful.
I have no idea at this time exactly where or how many acres but should know more tomorrow.
Take Care and God Bless.
Vickie P
I am the Personal Representative for an Estate that owns mineral rights on 2 different sections in Mountrail County, ND. From what I’ve seen in stats I believe this county is the largest producer. I signed a lease on one section several years ago but have not signed one on the other, even though approached several times. I am considering selling versus leasing this section and a company has made an offer. Can you help me in determining what the fair market value is for selling and also for leasing? They’ve offered $300 per acre to lease which I believe is low.
Legal description: Township 158 North, Range 89 West, 5th P.M.
Section 07: Lots 1 (36.39), 2(36.53, NE1/4NW1/4
112.92 acres
They have also expressed interest in purchasing the mineral rights on the section that is leased. Looking for market value on this one also. Drilling has started but no royalties received to date on this one. Not interested in selling at this point but knowledge of value is a good thing to have.
Legal description: Township 158 North, Range 90 West of the 5th P.M.
Section 12: NE1/4NE1/4, S1/2NE1/4, W1/2SE1/4
200 acres
Thanks in advance for any help / information you can provide.
Phyl
Phyllis
Feel free to contact me at 701-774-3161 or via email if you would like to discuss. I would be more then happy to speak with you and give some insight.
Phyllis Carlson said:
I am the Personal Representative for an Estate that owns mineral rights on 2 different sections in Mountrail County, ND. From what I've seen in stats I believe this county is the largest producer. I signed a lease on one section several years ago but have not signed one on the other, even though approached several times. I am considering selling versus leasing this section and a company has made an offer. Can you help me in determining what the fair market value is for selling and also for leasing? They've offered $300 per acre to lease which I believe is low.
Legal description: Township 158 North, Range 89 West, 5th P.M.
Section 07: Lots 1 (36.39), 2(36.53, NE1/4NW1/4
112.92 acres
They have also expressed interest in purchasing the mineral rights on the section that is leased. Looking for market value on this one also. Drilling has started but no royalties received to date on this one. Not interested in selling at this point but knowledge of value is a good thing to have.
Legal description: Township 158 North, Range 90 West of the 5th P.M.
Section 12: NE1/4NE1/4, S1/2NE1/4, W1/2SE1/4
200 acres
Thanks in advance for any help / information you can provide.
Phyl
Information is the best tool you can have in any situation. If a question is asked.....I am happy to be here with a educated answer. There are no strings, and anyone that has spoke to me will tell the same. If I can give informative answers and help on many different avenues that is what this sight is for.
Or you can listen to others that think they now what the right answers are because they have signed a lease or own minerals in the same county, that is the idividuals discression.
Once again information is your best tool.
Ruth said:
Whoa! Slow down. If you have inherited minerals in Williams County, which is in western North Dakota, you may have some valuable minerals. First, get your mineral deed in hand. Second, don't rush to lease. You need to get some comparisons. Get XTO's offer, for example, and then contact Continental's 800 number and ask a landman to contact you. See what offers you get. These people won't walk away without a lease. When you have settled on an offer--and your royalty should always be at least 3/l6th--then contact an oil attorney to go over your lease and clean up the bad parts of it that favor the oil company. Don't know what bonus rates will be offered--what I think you mean by "upfront royalty"--but I would guess in the $400 to $l000 an acre range. Will depend where in Williams County.
Vickie Warnick-Peunic said:
Hi Mat! I am in NY State and just received a call from someone from XTO. She said my Grandfather's sister left him property in I believe Williams County ND. My Grandfather died in 1975. My mom (his daughter) in 2002. I have 3 siblings 2 in Washington State and one in Southern California. This lady, Karen Someone said she wanted me to call her as we are the heirs to 1/2 of this property. My uncle inherits the other half. They want us to sign a lease with an upfront Royalty. Reading this forum I see there is alot I don't know. I work in the medical field so this is all greek to me and I don't want to be taken advantage of. I believe atleast 2 of my siblings will go with my decison. Possibly my sister too. If you have any advice I would be very greatful.
I have no idea at this time exactly where or how many acres but should know more tomorrow.
Take Care and God Bless.
Vickie P
Looking forward to having you do some work for us in the very near future!
.Hello my name is Beth and my mother and her side of the family are owners of 86 acres in ND. They signed a lease with the oil company 2 years ago assuming that my uncle who is a retired real estate attorney at age 82 knew what he was doing and they all signed the lease at $50 an acre, come to find out that land is going for $1000 and more an acre! Is there ANYTHING we can do about this? I believe the oil company took full advantage of my elderly uncle and now we are all reaping the havac from this demise. Please help with any advice you might be able to share. Thanks Beth
Ms. Kite, I don't think there is a thing you could do that would work. I hope your royalty amount is more in line with todays rates. If they don't drill before your lease runs out, you will be able to lease again, better informed next time. I hope the lease is short.
r w kennedy,
Thanks for the input, greatly appreciated. I sure hope its a short lease as well!
Thanks
Beth
Is anything even happening in Bottineau Co. now? I haven't heard a thing about activity and thought someone might know more about the situation than me.
Thanks.