Without outlining our specific reasons for wanting to investigate this option, we are now open to understanding how one goes about selling their mineral rights. We’ve never entertained this option so we need advice on what to do first and how to protect ourselves. There are 240 acres total in McClain County. Look through our profile for locations. Thank you for your advice and insight.
You can contact buyers directly (sometimes daunting), go through an auction format, hire a landman to market the minerals, or allow a broker to buy them who will then likely package them and resell them later on. With all of those options except the first you will have to give up some money. It’s up to you to determine if the money saved by contacting buyers directly is worth the time and effort. Regardless, you’ll want an attorney to review your contracts/deeds.
Also, there are an alarming number of cases where leases or sales occurred without the owner receiving payment. You should be very careful. Also consider capital gains tax obligations.
Do not turn over any deeds without getting payment at the same time. I would not trust any firm that wanted you to give them your deed and then pay you later.
Thank you for your advice.
Thank you, Ms Barnes. We were hoping to hear from you. You’ve always led us in the right direction & you’re so knowledgeable.
No foolin ? If so, HAPPY BIRTHDAY. Mine is Saturday.
Happy Birthday back!
I would like to enlighten you regarding an interaction I had with Chad Lake and Ace Energy OK last month. It was interesting to say the least. Is this something you would be interested in hearing about?
I for sure would want all the big oil players out there to have a chance to offer on them. They all need to understand it is a competition to buy them. I would want to know if BP , Continental, EOG, and other big companies have any interest in buying, and the companies that lease for them also. A lot of small companies would probably just try to re sell them if they acquire them. You need to skip over them. Take your time selling them. You have one shot at it. Any time you get in a hurry, you are leaving money on the table. JMHO.
Thank you for this info. We really appreciate it.
Which method are you considering to entertain a sale? Direct solicitation/marketing, or one of the easier routes?
Haven’t decided. We’re still very busy learning about and investigating all our options.