I have recently acquired an mineral oil and gas interest in property located in Mitchell County, TX. I have very little knowledge of this business genre and could use some advice as to hold, sell, etc. I am very interested in selling my interest but have no idea how to determine its worth and if now is actually the time to sell. I'm a little lost here and would very much appreciate any assistance. Thank you in advance for your input.
Is there currently any production on any part of the property? Are there multiple fractional share owners? What part of the county? I'd be cautious about just offering up any mineral property for sale now in the newspaper or whatever. Others on this board are way more tuned into the current climate for that than I but I suspect now may not be a good time for sales or leases. You should learn, if you don't already know it, the difference between selling your mineral interest and leasing it.
I'd also suggest reading and digesting what has been written and said previously on the large Mitchell County topics on this Board in the past couple of years, recognizing that much of it is old news. Still, the explanations of the many facets of the oil and gas industry as it pertains to mineral and/or royalty owner are pretty good--especially as to the Cline shale in Mitchell County.
I agree with Clay, I would also suggest getting ahold of a local attorney and find out from them
Ty Wood - 325-728-8400
or
Willis Gresham - 806-872-0827
Both are very good
Thank you very much for your useful input. There are indeed multiple share owners. I have no idea what part of the county it is in, which is part of my problem. I have no experience whatsoever with oil/gas/real property recordation and the like. With only a legal description, how do I go about locating the property? I have actually read all the blog entries, but, quite frankly, haven't been able to follow very well as my naivety involving the oil and gas business and unfamiliarity with the terminology is strong. There is a lease in place at this time.
Clay Strange said:
Is there currently any production on any part of the property? Are there multiple fractional share owners? What part of the county? I'd be cautious about just offering up any mineral property for sale now in the newspaper or whatever. Others on this board are way more tuned into the current climate for that than I but I suspect now may not be a good time for sales or leases. You should learn, if you don't already know it, the difference between selling your mineral interest and leasing it.
I'd also suggest reading and digesting what has been written and said previously on the large Mitchell County topics on this Board in the past couple of years, recognizing that much of it is old news. Still, the explanations of the many facets of the oil and gas industry as it pertains to mineral and/or royalty owner are pretty good--especially as to the Cline shale in Mitchell County.
Thank you so much Rebecca. Those names will give me a start.
Rebecca Seibold said:
I agree with Clay, I would also suggest getting ahold of a local attorney and find out from them
Ty Wood - 325-728-8400
or
Willis Gresham - 806-872-0827
Both are very good
In that event, Rebecca's suggestion is a good one.
Bob Hendrix said:
Thank you very much for your useful input. There are indeed multiple share owners. I have no idea what part of the county it is in, which is part of my problem. I have no experience whatsoever with oil/gas/real property recordation and the like. With only a legal description, how do I go about locating the property? I have actually read all the blog entries, but, quite frankly, haven't been able to follow very well as my naivety involving the oil and gas business and unfamiliarity with the terminology is strong. There is a lease in place at this time.
Clay Strange said:Is there currently any production on any part of the property? Are there multiple fractional share owners? What part of the county? I'd be cautious about just offering up any mineral property for sale now in the newspaper or whatever. Others on this board are way more tuned into the current climate for that than I but I suspect now may not be a good time for sales or leases. You should learn, if you don't already know it, the difference between selling your mineral interest and leasing it.
I'd also suggest reading and digesting what has been written and said previously on the large Mitchell County topics on this Board in the past couple of years, recognizing that much of it is old news. Still, the explanations of the many facets of the oil and gas industry as it pertains to mineral and/or royalty owner are pretty good--especially as to the Cline shale in Mitchell County.