Anyone on here actually sold mineral rights to TMRC? We have an offer in writing and want to know how someone else’s experience was working with them. What should we be looking for in the contract? What are some of the “gotchas” if any that people have experienced when selling that they wish they could have done differently looking back?
Anyone have a recommendation of someone who could look over the contract to make sure the terms are favorable? That would great , thanks
TMRC is a subsidiary of Continental Resources, Inc. They will treat you right & their paperwork is good.
Might want to ask them for more money though. Chances are they will cough up more if you ask.
You need to know what is going on in your area. There will be lots of increased density wells in certain parts of Grady depending upon the geology. Know what might be coming before you consider selling. Lots of good reasons to hold and lots of good reasons to sell, just try to get all the info you can first, so you can make a good decision and get a fair price or hang on for royalties.
@barbarian54 If you can give me the Section-Township-Range I can give you a pretty good idea of what they’ve paid there and/or are willing to pay there.
If MRC is buying in a section it is generally because Continental has plans to drill several densities. On a mere 30 acres your leased minerals could make you upwards of $100,000/year under Continentals operation.
Keep in mind, there are many factors that go into your revenue from the type of production referenced above… like: decline curve, deductions for enhancement/etc (unless you get yourself a good “no deductions” clause in your lease), among many other things.
With that being said, if you want a big payout now, Mineral Resource Company is the group to sell to. And do not be afraid to ask for more, as they definitely have the funds to accommodate your requests if you’re reasonable and request a bit more.
As for looking over the contract, they use the same Mineral Purchase Agreement (MPA) with an example Mineral Deed attached for every deal. I can assure you it has been rigorously composed by attorneys to protect both the “Buyer” (MRC) and the “Seller” (You). Don’t worry about their contract. It is safe. As long as you own the acreage and the chain of title is marketable, they will close the deal and pay you.
Hope this helps! Sorry for my response being a little late.
What do you know about Sec 24 6N 6W?
Has the Marathon Winter Creek wells and a tiny piece of the Farms 1-24-36XH by Continental.
John:
That is the Marathon Winter Creek Unit. You should be getting paid if you have royalty in that section.
Has anyone sold mineral rights in 36-10-5 in Grady County lately. Wondering what the going rate is.
Document Date: 3/13/2019
Recorded on 6/26/2019 1:46:00 PM
Consideration: $186,655.00 for 17.5 nma
Document Date: 4/19/2019
Recorded on 4/30/2019 10:41:00 AM
Consideration: $162,500.00 for 10 nma
Document Date: 5/16/2019
Recorded on 5/24/2019 11:33:00 AM
Consideration: $533,333.28 Containing 200 acres (no statement of net mineral acres)
Thank you for that information.