We inherited mineral rights to land in Williams county (Williston North Dakota) after the passing of my Mother. Two days ago we recieved information that they have a value of 490,000.00 - These mineral rights are being divided among 6 siblings and amounts to 81,666.66 each
When my Dad passed in 84, a trust was set up for my Mom to recieve 2 shares and each child 1 share. We have been recieving royalties quarterly since 1985
Now for my questions.
1. What is our next step if we want to sell?
2. How much can we expect to recieve for these rights?
In regards to your questions concerning your minerals, I would recommend that you contact Mr. Gary Hutchinson, an expert in this area. His phone number is (303) 279-4113 and his email address is (gary.hutchinson@comcast.net) . I can assure you that he will be a great asset in making decisions regarding your matters.
Not having all the information on your rights, nobody will be able to estimate their value. If you do plan to sell I would recommend you hire a verified and trusted professional to help because I believe that you would profit far beyond recovery of their fee.
I agree with Charles on contacting Gary Hutchinson. As RW stated you need a trusted professional & veteran minerals management person to help you with this situation and Mr Hutchinson is well versed in this field. I would suspect your minerals are worth more than $490,000.
we paid 350.00 to have the appraisal done. The last one was when they first started drilling, and it was 52,000.00 at that time. American State Bank and Trust out of Williston are the people that have been handling everything so far, and they are the ones that called to let us know the value so that we wouldn't get swindled by anyone. He said they were going to mail out the report on Tuesday, so Im expecting to receive it any day.
Do I still need to hire someone else to do another appraisal?
That call is strictly up to you and if your satisfied with the qualifications of this firm, go for it. On the other hand, with this much money possibly involved, I would get a second opinion, just as you would with a doctor. If nothing else, it will give you a peace of mind that you made the right decision. As I stated earlier, a professional such as Mr. Hutchinson would be a very valuable asset in this matter.
Ron H said:
we paid 350.00 to have the appraisal done. The last one was when they first started drilling, and it was 52,000.00 at that time. American State Bank and Trust out of Williston are the people that have been handling everything so far, and they are the ones that called to let us know the value so that we wouldn't get swindled by anyone. He said they were going to mail out the report on Tuesday, so Im expecting to receive it any day.
Do I still need to hire someone else to do another appraisal?