Continuing the discussion from Mineral Rights Lease Available District of Tenmile-Outside in Harrison County:
My mother’s family has mineral (gas/oil) not really sure,in Harrison Co. W.Va. I have tried over the last 5 yrs to understand as much as I can about all of this ,my papa inhierted this from my mom upon her death,now he is very sick and elderly. I have tried talking to my cousins and none of them understand anything about these leases.My dad receives a check from 6 different companies quarterly, he pays the taxes when he gets the tax statement. I am trying to understand the process, the asset itself,value and involvement needed to transfer the leases upon his passing.Any good reference material, or steps to read would be greatly appreciated.
Rebecca S
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The best thing to do is get a good attorney to help now and get a will drafted that will ensure that the minerals pass to the correct folks. That person can make sure everything passes properly. Whomever is the executor should get an evaluation of the mineral value upon the date of death so that the value “resets”. If you can find any of the paperwork regarding the leases, receipts from tax bills, check stubs, etc., start collecting them now. You can read the Mineral Help Tab on the forum at the top. The National Association of Royalty owners is another good resource. They have a chapter in Appalachia.
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Thank you for your response. My father has drawn his will I do inherit the leases, I am also POA of his estate and executor of his will. I only have a half sibling and this was my mother’s family inheritance. If you have any text that you could recomend for reading information so I can better understand this assest.
Rebecca stafford
Most important step done! Good for you. Some of the folks in WV can suggest proper procedure in that state. I have one done probate in another state. The attorney that drew up the will can direct you on how to probate. As far as mineral knowledge, I would direct you to the Mineral Help above, The WV oil and gas division may have some resources for mineral owners. I know OK has a nice booklet for that state. There is a simple book by Jim Stafford called Look before you Lease. You may already be leased, but it is a nice primer on the industry. A bit out of date, but pretty easy reading. If you really want to go deep, my favorite book is Money in the Ground. It explains the oil business quite nicely.
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Just thought of another one. NARO-US has some Minerals Management 101 videos. They have a channel on YouTube with at least six videos on mineral ownership.
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A post was split to a new topic: Cost Basis Estimate
My father has mineral and oil leases in Harrison Co W.Va. and will be left to me upon his passing they wete part of my mothers inheritance. I am facing the same challenge,keep or sell after his passing ,what are the implications for further production or no longer producing changing the titles,on wells and rights… if you have any tips. Forever grateful.
Rebecca
my records show (for a different WV county) from 3.50 to 5.00 / mcf, very rough estimates for 2011
Rebecca, do you know more about these leases? Have copies of the leases? Tax tickets for Harrison county property tax? If your father has these, a good place to start. Has your mother’s estate been administrated in Harrison County? Are the taxes in your father’s name? There is a procedure to get things changed over, with a will or an affidavit. There is somebody in the county offices (usually the county clerk’s office) who can help with that part.
Are there wells on the leased properties? Older ones or recent ones? any recently leased properties? Lots of questions but you need to know those things to start with.
I am not very familiar with Harrison County but know about some of the other counties nearby. Maybe someone with more specific information on Harrison can help also.