We just rec'd a lease offer on piece of property that apparently my husband inherited the rights to. It says we have undivided 1/16 interest. I really need some quick education on such matters if someone could school me. How do we verify whether we have all the interest or the portion they state? How do I figure out the abstract number? How do I figure out what is going on in the area and what a good offer is? I especially do not understand how a undivided 1/16 interest works as our other oil lease is a full portion where we get offers of 25% royalty. Does 1/16 mean the 10 acres is legally part of another and how do we find out who the other owners are or what we should be getting? This one the letter states is NW/4 Sec 35, Bk 4 H & TC RR Co. Survey, Ward County. Thank you very much for any info. provided.
Congratulations on your inheritance, can't get any better.
1/16 is your share among you and the other heirs this Mineral Interest involves and surface.
160 acres divided by 16, gives you 10 Net Acres, last price we got was $1200 bonus per acre in FeB. and %25 from the Hole, 3 year lease, with no option. We just leased 40 acres.
County Seat of where Oil Deed is, go there look in deeds of records for Mineral deed and then look that up and it will tell you what you were left, and you could get a copy of your Dad's will.
Undivided interest just means everyone has a equal share, no one owns any special piece of the property, it is leased and all Drilled together, and then split between the Mineral Interest owners.
however you will need the services of an oil and Gas attorney, don't do this alone, or you stand to give away money that should be in your pocket.
Chris
Thank you for the info. We will not be able to go to the county seat as we work in Austin but hopefully with your tips we can get better educated on what to do next.
This article may help get you started. http://www.mineralrightsforum.com/profiles/blogs/i-may-own-minerals-so-now-what
Wonderful. Thank you.