Hello,
Recently became aware of family ownership in Lynn county of mineral rights.
Specific description:
Wheeler Area
S/2 NW/4 of Section 511
Block 1, Abstract #29
EL & RR Co Survey
Lynn County, Texas
(Containing 80 acres, more or less)
10.0 net mineral acres
Completely new to this entire subject. Looking for some education on how to get fair assessment of what this means to the family. Thank you.
Ed,
I see no production or drilling activity for miles and miles. A wildcat oil well(30263) was drilled and completed in October 1981 just to the North of your Section 511. At this time the well is not producing. It was producing from the Spraberry Formation
GIS Map of Lynn County Section 511/Block 1/A-29:
Clint Liles
Thank you Clint.
We moved my wife's parents in to live with us 3 years ago and then in January of this year her father had to go into a care facility. We are working to qualify him for Medicaid. Requirements are to inventory all his assets and determine value. From all I read, it's clear that getting to that number is a challenge. Back in 2004, they had received an Oil, Gas and Mineral Lease from Perry & Perry, Inc. for $500. Nothing further came from that activity. I really appreciate your information as to activity in the area. Thank you again for taking your time to help me.
Ed
Ed,
You may want to research the county's assessed value from the Lynn County Appraisal District for the property. I'm not sure how accurate the county's assessment is, for a more accurate valuation, an independent appraisal would provide an accurate valuation of the property. Good luck.
Hi Josh,
As I understand it, the family does not own the surface. Would there still be an assessment on just the mineral rights?
Ed
Hi Ed - We signed a lease last year for $250/Acre. Maybe a good estimate for per/acre value of the surface rights.
Ed, No assessment on minerals only unless there is production.
Good Afternoon,
My family and I have 2 areas of land to LEASE not sale in DAWSON county there are 4 of us, we have 240 acres in section 2 block 35 T4N, we have had wells on this land before, just not drilled but about 5000 ft so I know there is oil there, plus we have 160 acres for lease it is located at section 28 block 35 T5N, we are open to lease all together or by themselves.
please contact me on here or at [email protected]
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