How do you go about getting ORRI in Lea County, New Mexico transferred to adult kids? I guess it’s not as easy as it was 11 years ago when our mom died. Thanks in advance.
Just wondering, could it be sold by the estate since it is still in brother’s name?
You should contact a NM Oil and gas attorney to get the transfer accomplished properly according to the probate documents. Check for activity in the area as Lea County is quite active. You might not want to sell something that has high production or pending new wells.
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No high production numbers, about $35.00 a month. No new wells that I know of. Just reached out to EOG to see if any near future drilling. Have been approached by 3 companies in last month with offers of $196,000, $216,000, and $309,000 for 15.4 NRA in Lea County, 19S 32E Sections 22, 23, 26, 27, 2320 acres. NM Oilboy has said nothing happening as of 3 or 4 months ago. Who knows, just trying to help nieces and nephew out.
$309k for 15.4 NRA in NM-012412 seems like it is not going to be a valid offer. But shrug. If it is legit then I’d run screaming for the door.
My impression is that if the will has been probated then things are pretty easy. You send will/lease description to EOG and you should be good, then just file it in the Lea County courthouse. So says land guy I know who does zillion transfers, but who knows. Talk to a professional.
There isn’t much going on there. Here are permits (diamonds) and wells spud (green) in the last 3 months. You should have viable drill targets here in 2nd BS for sure, likely 1st and/or 3rd BSpring as well. You are north of the potash. In a world that burns oil for a long time this should get drilled, might be a bit EOG very busy on better acreage right now.
NM Oilboy will has not been probated so I guess clerk in Lea County says that has to be done in Indiana. JBar Cane, LLC made the 20,000 per NRA offer been told he might be flipping to Chief Energy Oil and Gas? Talked to Tyler at Tilden Capital said he wasn’t seeing 20,000. Best they could do is 14,000 but had dealt with Jack Richardson at JBar and never had any problems WHO KNOWS! As always thanks for your input as well as M Barnes.
Ok, those are real people doing real business, maybe I’m clueless. On first glance paying $1 to maybe get $1.60 over 40 years seems like dicey business in a world where the prime rate is 8.25% but no telling. Guess it doesn’t matter if it’s OPM and you work on commission.
Good luck with the will.
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