New to this forum. Just found out my father, who passed almost 20yrs ago, had 5 or 6 mineral acres in Grady county. My two sisters and I are trying to decide whether to sell or hold. Just found the location to be:
Grady County Oklahoma
S23-T7N-R5W
I see one well in that area but no intents to drill. We have received an offer from Mountain Resource Properties?? for $2800/acre. Just wondering if anyone here knows how much interest and likelihood for drill to happen and what a reasonable annual payout per acre would be once drilling was successful? Thanks for all of your input. Been reading the posts/blogs and it sure seems like you all know your stuff. Interesting. Thanks again, JAY
Jay:
First of all, do your homework and fully understand your mineral area and it's potential. Your on the right track by reading existing posts and blogs. Check the nearest producing well and learn what amount of production is being made by this well and others within close proximity to your mineral area. If they are offering $2800/acre, something is most likely in the works for this area in regards to development. You might check the "County Groups" at the top of the page and learn if your county is listed. Good luck and again get all the needed information before signing any lease agreement.
As Jay says, do your homework and be suspicious of offers.
NEWSOK (online Daily Oklahoman newspaper) has drilling reports 5 days a week in their business section. you have to register but it's free.
Something else to look over, is state owned mineral auctions.
Give you an idea of who is paying what for land in any given county in the state of oklahoma.
Amazes me what they are paying for minerals on state owned land, compared to what the little guy gets.
Wonder why that is.
http://www.clo.ok.gov/MMD/TabWebs/TabWeb091912/091912TabWeb.pdf