I have just been informed that I am the owner of certain mineral estates in Texas. A company named La Rosa Mineral Trust is attempting to buy my interests for the price of $2500. I had no idea that my Grandparents owed these mineral rights, or their location. I was found by a third party geneolgy company, and a check arrived along with a notary. How do I find out what mineral property I own, and its worth?
Brett:
First, I would never consider selling mineral rights unless you are in dire need of immediate cash. In order to try and provide information in regards to your questions, you need to give a description of your mineral location. What paperwork was provided by LaRosa? I would think that this paperwork would have a desciption of the mineral location if they are trying to purchase it. Also, how many mineral acres are involved in these minerals?
Thank you so much for getting back to me. My brother and I received $2500 each, and a 'Conveyance of Mineral Interest' forms to have notarized. It basically says:
"Being the owner and holder of a certain mineral estate hereinafter described, desire to grant, sell and convey all of my right, title and interest in such mineral estate unto La Rosa of 119 Devonshire Court, Laredo, TX., together with all rights, titles, and interests appertaining thereto including but not limited to the royalties of whatever nature, ascribed and appertaining thereto."
It goes on for another two pages expanding on the fact that I will sell all of my rights. There is a spot for a location, but that is left blank, and only the state of Texas is listed. They want me to sign away all of my mineral rights in the entire state of Texas. This is all very new and bazaar for me, and I don't want to make a mistake. By the grace of God I don't need money right now, and certainly won't sell property until I learn of its location, and value. How do I go about ascertaining this information, as is appears the La Rosa doesn't want to share this valuable piece of the puzzle?
Thanks in advance for your help, it is greattly appreciated,
Brett
Brett:
First, it sounds like you need to do some homework on your end in that you need to learn what you actually have in the way of minerals and the reputation of this company trying to purchase your minerals. My advice would be to seek the assistence of an oil and gas attorney or a certified landman to research what minerals you actually have and give an opinion on what they would be worth. It could be that La Rosa is a broker and is actually working for an oil company trying to buy up minerals at a very low price in an area where drilling activity is expected or is under way. You can shop around about the cost for these services but I think it will be money well spent.
Thank you Charles, I will take your advice.
Very grateful,
Brett
Richard Cash said:
Brett,
I agree with Charles here...Do not sell your mineral interest. Instead look for an oil company that may be willing to lease.
Thank Richard, I appreciate your feedback. My brother and I are still trying to find out where the property is located.
Hi Brett,
Do you not even know the county your interests are in? Surely whoever found you in genealogy, sent you a check knows something. Maybe I read it wrong. Did someone from the genealogy site send you a check? If so, they have to know what they're paying for. Please unconfuse me.
Yours,
Wes Luke
Hi Wes,
This persons intentionally kept the location from me. All the advice that I received from everyone above was extremely helpful. Thanks for your inquiry, and attempts to answer my question.
Regards,
Brett
Hi Brett,
I'm only sorry I couldn't do more. Maybe someone knows how to do a state wide search using your grandparent's name as a search. La Rosa is onto something big and they know it. That's why they won't tell you where your minerals are. Or, if money is not a factor you could subscribe to the TRRC and start looking in every county. I would start in the county they lived in. This really aggravates me and it doesn't even concern me. Idea!!! Tell them you will take them up on their offer. They would then have to give the descriptions. You don't have a contract until you sign a contract, period! And I sure wouldn't worry about doing something underhanded to people who are trying to screw you. Just a thought. Seek the advice of an attorney.
Yours,
Wes
Brett:
If I were you, I would first of all contact the Railroad Commission of Texas and learn the way to check the validity of a brokerage company. This info is not on their website but maybe someone can provide info on who to contact to learn more about this company (La Rosa). This whole scenerio sounds very "fishy" to me. This day and time, so many scams exist in every industry so I guess that I'm leary as to the up and up when things like this occur. Good luck and hoping things work out in your favor.
Brett, you may already have a well if they are wanting you to sign away all royalty. If there was no well and they bought your interest, they would own the royalty from any subsequent well/s. There would be no need for you to sign away your royalty rights. I had a thought along the lines of Wes Luke’s suggestion. You can tell La Rosa that you talked to your lawyer and he said that the document La Rosa sent you wouldn’t be a legal contract (true) because you don’t know what you own. In any contract there must be a meeting of the minds, meaning both parties know what they are exchanging, and you don’t know. You might tell La Rosa that you are ready to sign but your lawyer says it’s not a legal contract. Of course if you did sign it you would be stuck with a court battle to get your minerals back, read that as multiple tens of thousands of dollars, so do not sign it! You do need to find out where your minerals are though, and soon. How long has it been since taxes have been paid ? I’d say hurry up and find them, you don’t want to lose them to a couple of thousand dollars in back taxes. Tax rolls can be a place to look for property ownership also. Good luck. Ps. Apropos of nothing; I worked with a man whose wife worked for their county assessors office, and a man representing an oil co that was considering running a pipeline across their property, came in to inquire if their property taxes were paid up and she just happened to be the one to assist him. Lessees/mineral aquisition companies have their little ways of gathering information.
Brett,
It might be a little difficult without anywhere to start, but if you have a guess as to what relative might have owned the estate, you can go the State of Texas (https://txcpa.cpa.state.tx.us/up/Search.jsp) and search for unclaimed property. It could be a needle in a haystack, but at least it’s a start.
Good Morning Brett,
Have you learned anything yet? Please keep us informed so that we know what to do if this happens to anyone else in the Forum. The wording they used is almost identical to an offer to purchase my Dad received. They offered him "X" dollars for a mineral lease he owned, and then it said "all minerals owned by him in Wise county. Kinda snuck that in there where they hoped he wouldn't notice it or maybe they thought he was an airhead. LOL My Dad was anything but an airhead.
Yours,
Wes Luke
Brett,
You mentioned Laredo, Texas as the place the offer came from. One of the largest oil shale plays in Texas is called the Eagle Ford Shale. I have heard of Bonus money offers of $20,000 and 1/4 royalty in the Eagle Ford. Google the Eagle Ford Shale and see for your self. A net mineral acre in a production unit for an oil or gas well could produce you thousands of dollars per acre per month depending on the production and unit size. You most likely have a gold mine some where is South Texas, don't give it away! You need to find out what county and the Survey & Abstract they are located in. You may be a lotto winner and they are trying to collect you winnings! LOL
Brett Radcliffe said:
Thank you so much for getting back to me. My brother and I received $2500 each, and a 'Conveyance of Mineral Interest' forms to have notarized. It basically says:
"Being the owner and holder of a certain mineral estate hereinafter described, desire to grant, sell and convey all of my right, title and interest in such mineral estate unto La Rosa of 119 Devonshire Court, Laredo, TX., together with all rights, titles, and interests appertaining thereto including but not limited to the royalties of whatever nature, ascribed and appertaining thereto."
It goes on for another two pages expanding on the fact that I will sell all of my rights. There is a spot for a location, but that is left blank, and only the state of Texas is listed. They want me to sign away all of my mineral rights in the entire state of Texas. This is all very new and bazaar for me, and I don't want to make a mistake. By the grace of God I don't need money right now, and certainly won't sell property until I learn of its location, and value. How do I go about ascertaining this information, as is appears the La Rosa doesn't want to share this valuable piece of the puzzle?
Thanks in advance for your help, it is greattly appreciated,
Brett
The mineral companies trying to purchase our land had done that for us. We had our landman Buddy Cotten www.cottenoilproperties.com take it from there.
Good luck.