After a decade of leasing, we are considering selling our inherited mineral rights in this and other counties in Oklahoma. Recently, we received unsolicited offers from several companies for mineral interests we own in these three sections: 22-13N-7W, 23-13N-7W, 26-13N-7W
How do we know what a fair offer is? I assume any unsolicited offer is low, but don't know what we should propose instead. What is the best way to go about selling? I've seen auction sites and occasionally get these unsolicited letters. We have producing and non-producing rights throughout OK. We live out of state and don't know our options.
Many thanks for anyone willing to help. I've learned a lot over the weekend by reading old posts.
Get a very good lawyer who deals in this type of business. Otherwise, you could get ripped off. Especially if you live out of state!
Don't do it right now! The offers that are out there are way too low in my opinion. In general, the offers are for about the value of one-two wells, but you have the potential for many more wells and you would be giving that away.
Friend me with the blue icon next to my name and I can walk you through the logic. I have a spreadsheet that I developed to help answer that question. Let me help you get informed and then you will have a better feel for how to make that decision.
Any time someone offers a cold call buy, you have to ask yourself, what do they know that I don't know? They think they are going to make a profit. Do I want that profit or should I sell to them not knowing what is going on?
Hit pause for a moment until we can walk through it. If you have anything in Canadian, Kingfisher or Blaine, Grady, Stephens or parts of McClain and Garvin, slow down for some very good reasons.
Let me walk you through it and then you will be prepared if you need to speak to an attorney.
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Anybody know a Stephanie Boyle......
Listen to M.Barnes! I received great advice and a fantastic spreadsheet and am forever in debt to her for that. I am still fielding offers for 25-13N-9W for $20,000/acre and the last time I turned them down they asked me what price I was looking for (!), telling me they'll go much higher than that. Good luck! P.S. I'm not selling.
No one pays $100 for a future $100 bill. Buyers discount accordingly. Get the property appraised. Producing property is normally losing value daily, but old wells may not be driving your values. Demand for future horizontal wells may be the value driver. Get on Canadian county records & hunt recent mineral sales between royalty companies (knowledgeable parties) look for deeds that have deed stamps and net mineral acres. Deed stamps äre $1.50/$1000. If deed stamps are $30 then the sale price was $20,000 & if 5 nma, =$4000/acre.
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M Barnes, thank you for commenting on this question, I am looking for someone to assist me with information. I am a newbie to the forum and to this in general.
I have requested you to add me as a friend, as per your request for another person commenting.
We have 100 acres and received a cold call. I have been suspicious as to their methods of negotiating, and have not felt comfortable signing the deal. However, didn't know where to go from here. We are interested in selling.
Any information would be greatly appreciated.
JR