I have been contacted with an offer to purchase mineral rights. How do I go about determining a fair market value for what I own? Thank you.
Ken: You need to know how many acres you own, what, if any, the royalty percentage the minerals are subject to and the activity in the section where the minerals are located and activity in surrounding sections.
Then get as many offers for your interest as you possibly can and chose one, if you decide one of the offers is sufficient.
There are many ways to determine “fair market value” as it is not an exact science. Every seller & every buyer have different thresholds.
Good Luck. Todd M. Baker