Hello,
I have a general question for anyone willing to give me free advice. It is very much appreciated. I have recently been receiving offers up to $1250.00 per acre in Reeves County. I own 160 acres. The land was inherited and has been in my family for over 100 years. The last 9 years the land has been leased as oil/mineral land with contracts running 3 yrs. at a time. My questions are:
1. Is this a fair offer for my land considering that area?
2. It is apparent that my land holds value due to the multiple offers coming in. I am thinking I should hold on to the land at least until the lease expires at the end of this year before considering selling. Does anyone know if there is a lot of activity in this area as far as drilling is concerned? Is this a hot area? I have read there is an oil boon occurring in Texas. Is this true?
3. I know there has been activity (permits) less than 10 miles from my property. I would hate to sell my land only to find out later drilling has commenced. Any thoughts on any other uses the land in this area is used for besides drilling?
4. Are there any wind turbines going up in this area for generating electricity?
5. Any other thoughts/comments regarding this matter are greatly appreciated. Thanks.
Reeves County is pretty hot right now, but we'd need to know more about where your land is to give you specifics.
It's also worth posting your question in the Reeves County Group here: http://www.mineralrightsforum.com/group/reeves-county-tx-oil-gas
Thanks Reagan....That webpage is down attached to the link you provided. I'll try again later. Why is Reeves County hot? Are there a lot of permits being pulled? It is obvious I do not live there so this site so far is my best resource for info. gathering. Can you tell me if the land is abundant with minerals and if so, what minerals are found in Reeves County? Or is it mostly oil land? Land is: SW/4 sec 38, blk 55-5...
Just curious, are all the offers for the land and minerals? If it's just cow pasture, you could always sell the surface and reserve the minerals.
Try calling a realtor in the area to see what it would possibly sell for if you were to list it for sale. Consider that if there is a lot of interest in the minerals only, you could sell minerals & keep surface. If the land has been in the family many years, and there are other heirs, you might give them first chance at the surface rights, even if you reserve minerals for yourself.
If you don't need the money right now, consider this - when has the price of land, oil or gas, gone down over the years? You might just want to hold it for a possible retirement check later.
The link seems to be working for me. Try it again.
Remember, free advice is always worth what you paid for it! :-)