We have signed three leases in Lee county in the last month...I think things are really picking up.
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Judy, picking up like a rocket to the moon. Hang on.
Gary Hutchinson
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You might want to reconsider selling your minerals. Most attorneys will tell you to NEVER, NEVER, EVER sell your minerals. I would talk to an attorney before you do anything. Especially if there is going to be some activity in that area.
RE: 15.00 NMA in T26, S10,R36E
I am still working with my attorney to get probate from TX filed in Lea County so my two siblings and I can negotiate individually from my parent's estate. I have received a tentative lease offer for $2,500/acre bonus at 23% for 3 yrs with a 2 yr option or $7,000/acre purchase. I am waiting on another lease offer.
David, That is a terrible deal for the mineral owner. Most leases are lob sided towards the lessee anyway, don't give up your upside by granting an option to purchase what little you have left. Once your lease is drilled, your royalty dream may be worth well over $20K/acre.
Along with never selling minerals, you should never give away your option to sell if necessary.
Gary L Hutchinson
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Nothing better than dealing with the next generation. Usually they are so excited about the money, they give the farm away. Listen to Gary on this!
Also, 25% cost free royalty. No modifications whatsoever to that.
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Gary,I am not selling as I considered before; only leasing. I referenced the purchase price just for a toss up information.
David, I once sold minerals in the Midland basin. This was back in the day. I took the money and bought a lease for $40/ac. Took a chance on some information I’d uncovered. Sold the lease for $3000 ac two years later, while retaining 5% override.
I think people fail to take into account the opportunity cost and the time value of money. I know you get it, though.
David, Did you solicit lease offers? I’ve received one buy offer this year and one last year, but have no interest in selling. I am interested in leasing so am wondering if you or anyone else here has had any experience cold-contacting companies or landmen for lease offers. My mineral is northeast of Lovington, T13S, R37E. I and two siblings own 100nma in sections 26 and 27.
I am new to both New Mexico and to the lea county group. I own the mineral interests in numerous small parcels in Lea Co that I need to fully evaluate. Can someone direct me to the state web site(s) where I can find the current and past drilling and production data for my properties. Some are leased but most are not leased -- but I am receiving queries regarding leasing or selling. I do not intend to do anything before I am able to get a hndle on what I have. Thanks in advance for your assistance. Archie
Would someone provide me with an internet site that shows Lea County sections, townships, and ranges? I have some rights currently under lease, and I would like to see where they are located.
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I have received some leasing interest in 12 1/2 NMA located at South 1/2 of Section 29, T15S-R36E, Lea County, NM. This would be just north of the Plains HWY and just east of the Tatum HWY, where they intersect. Is this an area of interest and activity, and what would going market leasing terms be in this area?
You can look at http://mapservice.nmstatelands.org/LandStatus/
Put in the Township and Range.
Carl,
You can view County sections, township & ranges on the New Mexico State Land Office site located here; http://landstatus.nmstatelands.org/OandG.aspx
If that shortcut doesn't load go to www.sonris.com and click on
GIS Access to see the map
Of the 162 members of this county group, are any of you paid by Paladin Energy and have you received the end of July royalty payment?
ul 24 17
The US Bankruptcy Court ordered approving the sale of substantially all of the assets of Paladin Energy Corporation on July 24, 2017. The Court has authorized the debtor to sell substantially all of the assets to POGO Resources, LLC for a purchase price of $9 million plus assumption of assumed liabilities.
thank you David, spoke with former CFO who stated that royalty payments had been mailed but his irritable manner indicated to me that others might also be calling on this topic.
What is the easiest way to pull records from Lea County? This might go back to 1935 or so.
Thanks.
By going to the courthouse in Lovington or an abstract office in Lovington or Hobbs, or hiring a landman to go for you.