Inherited an orri in the above tract and trying to figure out if an offer I recently received to buy it is a fair one. $24,687.34 for a 0.4114557% ORRI. Also, if I know the federal BLM lease number, how do I look it up to see what it all covers? Thanks
Was this offer a total purchase price or per acre? Thanks!
It was a total purchase offer
It’s difficult to gauge the offer without a sense of price per acre.
You can look up the Fed lease on the BLM LR2000 system or else on the NMOCD GIS.
I’d go with GIS. Just google NMOCD GIS. Click on oil and gas map link , turn on the lease layer. Go to your area and click on the lease. It will bring up a pop up window with info like how big it is.
On phone so I could be mistaken but look to be 3 Fed leases that cover part of Sec30. The only one that seemed the right size for that sort of total offer was a 2015 lease of 73 acres. But a 2015 ORRI (ie newish) owned by somebody who doesn’t know details seems unlikely, so I have no clue.
An ORRI is this area could be anywhere from $1,500-7,500/NRA. An NRA is the gross acres of the tract x your ORRI percentage x 8. If you have the gross acres of the tract with the legal description (both should be on the offer), people on here should be able to tell you if it is a good offer.
Dave
Which lease in section 30?