Hello all complete newb here need advice how to proceed . I got a purchase offer from Patch LLC for somewhere in Martin County Texas. Offer letter says sec 22,bl 36 ab 499 The thing is I didn’t know I owned this and have never received and money royalties. Maybe my Dad had it . He passed away in early 2000? This weird. Out the blue they offer like $1300. My dad was from that area or I remember going out there when I was a teen. The name and address on the letter is right ? Should I just call them and make sure I’m the correct person? I dont think id be inclined to sell until I did some DD.. I did do a record search and found like 8 property listings of fractional acres in Martin county . I tried to figure out they rrc map there is some wells but i dont know how read that. is confusing Thanks
I would definitely call them and ask a lot of questions. Ask about the title, if it’s producing (if so, for how long?), if the interest is unleased, how big is the interest?
Martin County is a great area and that may not be a bad offer if the interest is really small but at the same time could be a horrible deal if the interest is sizable.
Once you have gathered all of that information your best bet is to contact an oil and gas attorney and show them your offer. They can either help you decide if you should take the deal (or counter) or keep the interest and help you clean up the title.
Most mineral rights are perpetual, so be patient since time is your friend. Ask the offer company for tile information, plats of the properties, and the actual interest they are proposing to purchase. The may not provide any of that information, but you may get something useful by asking. Also check the Tax roles at the Martin CAD for additional information.
Thanks sir, there is like 8 entries for property in martin county cab for my late father? Whats the most important info on there?,acres and RI amount?, thanks
This will start to provide you with some initial information such as the operator and well names. I would not trust the ownership percentage since it can vary wildly to inaccurate. I suggest you take that information and contact the oil companies and tell them you need to transfer from your Father’s name. Was his estate probated? Did he have a will? This will help you to start the process to getting on pay with the companies. After that, you can revisit the idea of a sale.
Hello, I was in the same place a couple of months ago when out of the blue I received an offer to purchase mineral rights in Martin and Dawson Counties inherited from my parents. My sisters were also contacted with the same offfer as we are all beneficiaries who inherited the rights. We had no idea we owned the rights. I got some good advice on this forum and started doing research. The person making the offer was very helpful and provided copies of the deed and answered questions on the phone. I also talked to an independent Landman who was very helpful. For now we are just sitting on it as we aren’t in desperate need of money and the offer was very low. There is some development of horizontal wells in the area so there may be some interest in the future from competing buyers. If so, we will be in a better place to negotiate and possibly get a better price. So first thing is start doing some research. There’s no need to rush to accept the offer. If you have siblings they will also receive offers and may make a different decision.
yes My sis got same offer!. Im in no hurry like you. I’m going to talk a guy I know tomorrow that has experience in running leases. I will probably hold for awhile Thanks
Yes there was probate like 25 years ago. . The minerals property must have got missed?, But the offer company must have done some research to send letters to me and my sibling? before they sent out offers? thanks!!!