My father in failing health has mineral rights in Wayne County, IL. There has been drilling on the land in the past, dating back to the early 1900's. I know they have hit oil in the drilling, but limited or no production to date that we are aware of.
Wondering if this has any value for sale and/or lease to help support my father as he requires more care in the future?
Hi Andrew, mineral rights always have some kind of value even if it is only one of extreme speculation, there is always a willing buyer. As for leasing, there are drilling permits being given out by the state but as for an operator wanting to lease and drill on yours it is at most a 50/50 chance that it will happen at least any time in the near future. Here is the states web page for interactive mapping so you can look to see if there is any offsetting production. http://www.isgs.uiuc.edu/sections/oil-gas/launchims.shtml
Thanks for the info and the link Tim…very helpful…Andy P
Tim Metz said:
Hi Andrew, mineral rights always have some kind of value even if it is only one of extreme speculation, there is always a willing buyer. As for leasing, there are drilling permits being given out by the state but as for an operator wanting to lease and drill on yours it is at most a 50/50 chance that it will happen at least any time in the near future. Here is the states web page for interactive mapping so you can look to see if there is any offsetting production.
http://www.isgs.uiuc.edu/sections/oil-gas/launchims.shtml
No Problem, if it comes down to it and you decide you need to sell let me know and I can give you some contacts to get several bids or offers to be able to get the best price but sometimes in areas like IL. where there is not much activity the best price can be from the surface owner who is easy to find from the county assessor.
I will keep that in mind. We are still in the information gathering phase. We also have mineral rights in Mason County, IL. Both land were “hunting” places of my grandfather’s. After he sold the land he retained 50% of the mineral rights to both properties. I will keep you in the loop as we progress…
Tim Metz said:
No Problem, if it comes down to it and you decide you need to sell let me know and I can give you some contacts to get several bids or offers to be able to get the best price but sometimes in areas like IL. where there is not much activity the best price can be from the surface owner who is easy to find from the county assessor.
I also own mineral interests in Wayne County, IL, with old wells present. I recently got an offer to buy from Clear Fork Royalty in Ft. Worth, TX. Not interested in selling but in leasing, but I thought I'd pass it on in case you get in a position where you have to sell.
Tim.....perhaps you can help me. I know nothing about selling mineral rights, however I do have some that need to be sold. The only description I have is SW1/2 of the NE1/4 of Section 21 Township 1North, Range 5 East of the 3rd Principal Meridian except 8 acres off the South side. This is located in Wayne County, Illinois. I don't know who to contact or what to do to sell them. We own half of the rights. Any help would be appreciated. Thank You