I am the executor of an estate in Creek County that has some mineral assets and I need to determine a value… Any suggestions for determining/calculating the NMA value in the area [Sec 32 T18N, R7E] ??
Or…does anyone have a recent purchase offer from within 100-miles of Drumright, OK that they would share?
Thanks in avance…
There are quite a few shallow wells in that section that are still online. The location of the minerals and whether or not they had active wells would be important. The wells are shallow and not terribly huge in volumes, so pretty low in value. You could have the estate pay for a probate engineering assessment. In some cases folks use the last four years of oil revenue or seven years of gas revenue to give an estimate for estate purposes. (not giving legal or accounting advice)
An offer from 100 miles away would not be considered acceptable to the IRS as the reservoirs would be completely different. An offer within the eight contiguous sections around 32 would be more reasonable since location and reservoir are key.
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