My mother recently passed away & we have limited information on the mineral rights at “Section 19 and 30, Township 10 North, Range 7 West”. The lease is expired & another company is wanting to take over the contracts so we’re waiting for information.
Meanwhile, 2 siblings have been contacted about selling their portion at $4,000 per acre. I suspect this is low based on past experiences.
None of us know anything on this topic so I would welcome any help for selling or leasing. We can not find records on activity or pay out during the past 20+ years. I would also be interested in recommendations on brokers and/or attorneys for the area.
Condolences on the passing of your mother. Welcome to the forum.
The first thing you need to do is finish the probate work and get the title into the heir’s names. It must be filed in the Grady County courthouse. Hopefully, she had a will.
Do not let anyone rush you at this point. You said that the lease had expired. When was that? Camino has a horizontal well in sections 19 & 30, so that is why you’re getting offers. In my experience most first offers are either low hoping someone will bite or high and then they come back with a reason to not pay that much. The amount will depend upon the royalty you already have or if you are unleased.
The well has been drilled. Troy Aikman 1007 30-19 1MH. Your lease may not have expired but the buyer wants those royalties. What is the date on the first line of the lease? First sales were 12/8/19. Division Orders will go out in about May and payments will probably be in June or July. That is a pretty nice well. I wouldn’t sell if it were me… They have room for quite a few more.
Contact Camino Natural Resources LLC and tell them you are an heir and you need to get into pay status. Ask them what they will need as far as title information.
CAMINO NATURAL RESOURCES, L.L.C.
1401 17TH STREET, SUITE 1000 DENVER, CO 80202
Contact Name: JOHN R. REEVES Contact Phone: 405-272-5742
M Barnes, as you can see, is a great and helpful source on this board. Has helped me and many others. Lots of knowledge around here.
My only tip is to visit OK County Records .com and begin searching by name, etc there. You can click on the “advanced” search feature, and narrow it down by county. Great for locating deeds, and all kinds of stuff. Once you find something, you can even search via legal descriptions. Has helped me keep things clearer in my head.
You may want to file an affidavit of heirship so that companies know how to contact you. However, it is likely that a probate will be needed at some point to clear up title.
I’m new to the forum and not quite sure what I’m doing, but; with that said I need help finding the value for a mineral lease that my client inherited in 1957 and sold in 2019. The lease is in Sect 12, Township 07 North, Range 05 West. If there’s anyone who can help me please do.
Not a CPA. Any lease or producing mineral interest that has survived 64 years of production has been fully depreciated so the basis is zero, IF it was inherited 64 years ago and never changed hands again. Pay the capital gains rate and be thankful for the revenue it produced and hopefully the happiness associated there with.