My familiy members and I inherited some mineral acres in this range. There will be/are wells to be drilled. We have been offered leases by Citizen Energy, however we are all interested in selling.
Please contact with offers.
Thank you.
Condolences on the loss of your loved one. Welcome to the forum.
You may want to pause on your selling choice until you get all the information to make an informed decision. You first need to make sure that you have properly filed a probate in the county where the deceased lived and in Grady or any other counties with minerals owned by the deceased. Make sure that you check for any unclaimed royalties with current operators and at the state treasurer’s office.
You are about to get multiple wells drilled in these two sections and by asking for offers, you are very likely to have significant royalties in the future. Wouldn’t you want to understand the value of those before entertaining any offers? In my experience, most of the offers that I have received have only been for currently producing wells and rarely included the value of upcoming wells. (The offering companies are assuming some risk of pricing, timing, market conditions, etc., but they are quite sure that they will make a profit off of me. I prefer to receive that profit and am willing to wait for it.) Every family needs to make their own decision based upon their own needs, but best to be informed in order to make a better decision. Once you have claimed any royalties that may exist, then you can find out more about the new wells, their potential, timing of payout, value, etc. There are private mineral buyers, conglomerating mineral buyers and many auction sites. Always best to get several bids if you do wish to sell.
Also, there may be capital gains tax implications. You should visit with a CPA before deciding on a course of action. It is important to know the value at the time of the inheritance before you consider any transaction. When selling the buyer will have you warrant/guarantee the title. If there are title issues, such as a needed probate, then you may be on the hook for that expense. Finally, owning minerals in Oklahoma is incredibly easy since any production taxes are handled by the operator.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
This topic was automatically closed after 90 days. New replies are no longer allowed.