I inherited some mineral rights in Lea County, New Mexico. Can anyone tell me if there has been any interest recently? I know there was some interest many years ago but nothing came of it. I also have no idea how much acreage this is. Any help would be much appreciated.
NW/4SE/4 and SW/4NE/4 Sec. 10, T-20-S, R-38-E. N.M.P.M.
@ajohara68, from the NM State Land Office map, NMSLO, it looks like there was a well permitted by Colgate in the NWSE in 2022. There doesn’t appear that there are any active wells in that section. The SWNE would be about 40 gross acres, and also the NWSE, for a total of around 80 gross acres. Your net acres would depend on your percent of ownership.
Interest must be building in Lea County. I have just leased 10 acres in the NW4 of Section 34 with hope that something will be drilled soon. I do also have the SW4 of Section 27 that is working with the Trinity Burrus ABO Unit.
Man I hope so, we have 180 acres that I would love to lease.
I have just been offered $4,300 per acre for purchase of this interest in Section 34. How do I determine value of my minerals at the time my mother gave them to me in 1992?
Just signed a lease today for 4 acres in Lea County. Parts of Lea are prolific in regards to Oil and Gas production.
Whats the township and range for Section 34. We too have an interest is Section 34 T21S, R33E. Was last leased in 2018 and 3 or 4 wells drilled during the height of covid. The wells were never completed so I’m unsure if the acreage will ever be leased again.
Rick5,
WillyD’s stuff appeared to be in 12s38e. Up where Steward etc is drilling horizontal San Andres wells. Different beast.
You say unsure if yours will be leased again? Isn’t all of Sec 34 (of 21s33e) HBP by the older Battle wells? The online info on the newer MRO wells is pretty sketchy. I assumed they just set conductor in 2019 and walked away. If they really drilled those to TD and didn’t complete them then…yeesh.
Wells there should be fine, but I’d guess nobody is crazy about the idea of drilling one mile long wells. Kind of hemmed in. Maybe you eventually get some horseshoe shaped wells.
WillyD,
I value of the minerals in 1992 was realistically close to zero. It’s subjective, you could probably claim some non-zero # that is 50% or less of a current purchase price and I doubt anybody would say boo. Consult a tax professional etc I suppose.
Cheers
Hi NMoilboy,
Yes the interest in 21s, r33e section 34 is indeed HBP by the Battle wells. we have a good PUGH/Continuous drilling clause/language in our leases typically. Hence, a new lease offer. Didn’t lease to Marathon, another lessee. who probably flipped it. I’m not sure if ALL of section 34 is HBP…we own an interest in the E/2 in the Battle # 1 & 2 wells drilled long ago. Maybe Marathon leased up the rest in 2018?
Two questions. What does Sec. 10 mean? Is there a map that shows even smaller sections of NW/4SE/4 and SW/4NE/4 T-20-S, R-38-E? Who might I contact to have the rights put into my name (I inherited them)? I don’t live in NM.
I’m far from an expert and certainly NOT a lawyer, but I recently had to do something similar. For me I had to probate two wills there (way easier than it sounds) and filed documents with the clerk of court in Lea County. Nice folks and very helpful. Since I am on a shoestring budget, I did this all myself from North Carolina!
@ajohara68, Section 10 is one of 36 sections inside Township 20S-38E. Each section is about 1 square mile.
Both the NMSLO
and the NMOCD maps will show
down to 40 acre subsections if you zoom in far enough.
Safest thing to do is to have a New Mexico Oil and Gas Attorney work with your deeds to get them in the proper name.
Maps of your area below in both versions:
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