Hello, we have recently received an offer for our mineral rights in Canadian County in Oklahoma in 17-12N-9W. We have approximately 91 acres. It is producing. How do we determine how much it is worth and if any new projects are planned for the section? Many many thanks!
Welcome to the forum.
You are getting an offer because you already have production with the Annie May 1-17H by Devon. You may also have production from Teocalli or Devon on other. older wells
There are new permits for infill wells in section 9/4 to your NE and section 21 to your SE. Very common for offer letters to go out in nearby sections by “people who know something”. Most of my offers in the area have been for far less than the ultimate potential of the new infill wells.
If you just inherited, then you need to get in pay status with the current operators and check the unclaimed funds in OK (and the state where your ancestor lived) to see if you have royalties pending.
Thank you for the reply. What is a good way to see what it is worth. We have had the rights for a couple of decades (yet it is still producing) and the offer seems fairly generous. However, we don’t want to be low-balled. Not trying to get the very top dollar but just don’t want to get ripped off too bad. Again, thanks for answering. You seem very knowledgeable and your help is appreciated.
You can have a licensed petroleum engineer evaluate the current production and see what it is worth. Future wells should be taken into consideration. Many “buy” offers are in a three-five year time frame, so you might want to contact the operator again and see if their time has changed.
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