Section 31 Lot 2, T15NR20 A company, Liberty Minerals LLC in Ardmore has requested to buy my very small nma in this Section. I know nothing of them.Are they decent? They asked me to give them an offer of what I want but I have no idea of value. It is only 1.5 nma… I will be getting back with them to give me an offer first. I just leased this acreage for $400/nma and a 25% royalty. No transportation costs etc. It is a good lease. Any advice, as usual, would be helpful. Thank you all.
You are getting an offer because Mewbourne Oil Company has filed for a horizontal well in section 31-15N-20W and Section 6-14N-20W. You have a 25% royalty lease which they want. This may not be the only horizontal well in the sections.
Personally, I would hang onto it and see what happens. Just my opinion.
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Wow great information as usual. Thank you for spending your time in researching this. Much appreciated
Without question you need to speak to an oil & gas attorney in TX that has direct knowledge of the area you are interested in.
Whoever speaks first in negotiations tend to come out as the desperate one and gives away more information and leverage to the opposite party in negotiations . Assuming you get to a point of negotiation, this is a good tactic to keep in mind. So your idea of letting them know they need to speak first is the correct one.
However IMO, you need to speak to an attorney first before doing so. The attorney will have knowledge you don’t about the area of interest and may have a better approach to negotiation than you might have due to that knowledge. Consulting legal counsel is not an expense it is an investment. If you select a good one, your return on the investment will be greater than what it cost you to procur.
Texas? His minerals are in Oklahoma. But, Im not sure why you would ever pay an attorney $150+ an hour to negotiate the price for you? Oil and gas attorneys have little to no idea about the pricing on the ground, as their focus is on the “title side”, not telling a client if they have a good offer or not.
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