Can anyone advise me how I might find out the value or sales prices for Wolfcamp formations in Glasscock or Reagan counties in or around 2008? I am trying to establish a cost basis for a Wolfcamp working interest that I recently sold on the border of those counties. I inherited it in 2008.
I’m fairly new to this, but it is my understanding that prices on mineral rights and leases are not made public. Deeds often have a nominal amount filled in, like $100, but the actual Purchase and sale agreements are kept private, and those have the actual sale pricing on them.
The sales of the land itself will be in the records of the state appraisal districts.
This system does not favor the sellers, but rather the buyers, who want to be able to make offers and hope sellers take them. Mineral rights fluctuate extremely in value based on what the market will bear and what people will pay. You could try to find other family members who may have sold in 2008 when they inherited, rather than holding, if there were other heirs. check with your extended family.
I’m far from an expert, but that’s my best guess.
make something up, the IRS would not know the difference.
Great point. In 2008, it would have lower perceived value, since there wasn’t much going on, and Cline Shale had not been discovered.
The Cline Shale is not much of a play in Howard County by the way, never will be. It’s a “poof” play. All smoke and mirrors.
In 2008 you are talking a couple hundred $ per acre to buy minerals, unless you had a direct offset “boomer” and then you might get $1000-1500 per acre. I bought minerals under an 80 acre tract for $250/acre.