My family has mineral rights in Price, Carbon County, Utah. We have sold all of our property and I need to find more info on the mineral rights we have. How can I do that? We had a company interested in buying our rights 11 years ago but we declined and I haven’t heard of anything since then
What section, township and range? There are pockets of gas wells in Carbon County, but not everywhere is optimal. We can at least tell you where the closest production is.
Thank you for your reply. Because we have this in our family partnership, I have to get K1 forms issued each year for taxes. If it is abandoned because of no gas, then I’d like to close the partnership. I did find a map and it didn’t look active.
Township 13 South, Range 8 East, SLM Section 33: W 1/2 NE 1/4, SE 1/4 SE 1/4 section 34 S 1/2 S 1/2
I do not see any wells in sections 33 or 34. Price River Energy has some very low volume gas wells in section 32. They were drilled in 2012.
Thank you for your help! It doesn’t look encouraging enough to hang on to it.
Today I received a letter from Beacon Land Mgmnt interested in leasing our mineral interest in Carbon County. They are offering the following terms. Term: 3 year primary; 2 year extension Primary Bonus: $25.00 per net mineral acre Option Bonus: $10.00 per net mineral acre Royalty 16.5%
Is this considered good? I had no expectation and was completely surprised to receive this offer. Do you have any suggestions?
Hmm, Looks like interest is picking up. First offers are usually low ball just to see if someone will bite. I do not do an extension as they are totally in the lessee’s favor, not yours. To me, the extension implies that there is no hurry on drilling. Time to lease, flip, not flip…
You probably need to look up what a minimum royalty in UT is. 1/6th is 16.6666667%.
I encourage owners to get a good oil and gas attorney to review any leases as they are usually not in the mineral owner’s favor and need some edits.
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