Hello I received a letter regarding inherited mineral rights in Ellis Co. Is there anything going on there and is “as much as $7,000 per acre” even realistic? An ancillary probate would be required since I am not in Oklahoma. There are no current leases that I am aware of, all the wells my mother was getting paid on haven’t produced for at least 20 years.
Section 29, E-1/2 ,SE-1/4
SW-1/4 SE-1/4 &
SE-1/4 SW-1/4
Township 23N 23W, containing 160 acres, more or less
Section 28, NW1/4, N1/2
SW1/4, SW1/4 &
NW1/4, SE1/4
Township 23N 23W, containing 480 acres more or less
Thank you,
In my opinion, the “as much as xxx” is a teaser and not likely to be true depending upon the area. The acreage listed is probably a gross tract acreage and not the net minerals, so one might be teased into thinking a large number on a lot of acres, when it could really be for much less in dollars on many less net acres.
The wells that used to produce are now finished. No leases in the area in the last three years.
However… There is a play for horizontal wells developing the Cherokee reservoir to the south and quite a bit of leasing going on in that play, so you never know if something might develop where you are.
If you have no need to sell, you could go ahead and probate in the state where your mother had domicile at her death and then wait to see what leasing options might pop up in the future.
@ymart626 this is a common practice in these types of “tickler letters”. They are trying to get responses, then the pricing is severely adjusted. You may want to contact @Richard_Winblad for other options on how to proceed on the estate requirements in OK.