Section 29-6N-8E, Hughes County Hi all. I inherited mineral rights. It was a long process, but finally everything is in my name. Im hoping someone could help me decide what to do as I am thinking of selling or could I lease them? How can I find out how much this is worth and is it even worth my time? Thanks
Make sure that your name is correctly filed with the clerk of deeds in Hughes County. If anyone wants to lease, that is where they start.
This is where the Strata 1H well is located-far west side of 29-6N-8E. As you can see, there are other horizontal wells nearby. Silver Creek has left room for additional wells in that section. The well has produced about 2.7 BCF and has another 5.3 BCF to go, so a long life of many decades if you wish to keep it and also the possibility of more wells in the future. Any offers to buy will be for a discounted cash flow for the production of the current well and probably not any extra for future wells. Consult an accountant before considering a sale as you may have to deal with capital gains. You will need to know the value as of the date of death of your ancestor in order to get a step up value. Otherwise, the IRS will consider the whole sale amount for capital gains. If you have no reason to sell, then just accept the additional revenue with gratitude and use it wisely!
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0_Basic Information for OK Mineral Owner June 2019.pdf (4.5 MB)
This may be a bit out of date, but is a useful primer for OK. Also go to the Oklahoma Corporation website and learn how to use it. Free and has most everything you need.
Here are some handy links.
"Pending OCC cases at the following link: Case Processing Online Electronic Case Filing
Actual cases if you have the case numbers: OAP
Docket proceedings: http://www.occeweb.com/ap/docket_results.html
Well activity: Test
Production: https://otcportal.tax.ok.gov/gpx/gp_displayPublicPUNListSearchDownload.php
Deeds, probates, etc. -www.okcountyrecords.com "
Thank you so much! I will probably still have questions once I start doing some research. I appreciate you taking the time to help! Thanks again and have a great Monday!!!
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