I have inherited 5 acres in Township 17 North, Range 63 West. In 2015 someone reach out out to lease the rights, now i’m being contacted to see if I will sell. Price offered is $1500 per acre. Are mineral right offers negotiable? My siblings also have 5 acres each and we are looking to sell. Can anyone tell me if this is a fair price or should I look to another company?
There are a number of horizontal wells being permitted in this area. Since you did not give a section for your minerals I cannot say if any are in your area but I would think your minerals should be worth more than the 1500 you quoted. Get more info before you sell. The Wyoming Oil and Gas Commission website is a good starting point to check locations and permits in your area.
Thank you for the advise. I have acres in Township 17 North, Range 63 West; and Section 23. I called the company contact indicating I thought it should be higher, and they came back with $1971/acre. I know nothing about mineral rights, so now i guess I have to start learning because if they come up so quickly on the phone, wondering if that’s even a top price. I’ll check out the website you provided and dig deeper.
I wouldn’t read too much into the number of permits on the acreage. Operators can permit acreage in Wyoming and renew the permits without needing to commit to any timeline to develop. In fact, Anadarko is being sued over permitting without drilling now.
Recently approved permits are most meaningful as Wyoming now requires six month projections and drilling intent from the companies before approving new permits. Also more rigs appear to be moving into the Cheyenne area so research before selling. Some companies are paying lease bonuses similar to your purchase offer.
Research and get more offers before committing to selling and read any purchase contract carefully best to have attorney review also. Have money in hand before signed away your minerals.