I have been offered 2650 per acre for mineral rights in Reeves County. What is the going rate?
Robbie -- location, location, location. Do you have a description... the Abstract Number will do... i.e., A-123, A-1234, or whatever.
Later -- Buzz
60 acres in the E1/2 of Section 23, Block C7
Robbie -- seems very low to me. Is the property under lease now... I suspect so... what was the bonus and when it was paid might give a hint.
Later -- Buzz
There is no present lease.
My sister and I recently inherited this and we know little about it.
Robie -- just making sure... your land is located ~8 miles SE of Pecos, right? Do you own the surface and the minerals? Later -- Buzz
Yes, both. The offer was for mineral rights only.
I really don't know the location. I know it's by Pecos.
It's Public school land, whatever that means.
Would like to know the going rate north of Pecos. Thanks
Louise -- yes indeed! Thanks in advance. Later -- buzz
Robbie,
To find out more about your PSL or Public School Land go to www.glo.texas.gov and to the link The Land Office and then scroll down to Permanent School Fund. For better understanding, click on the FACT SHEETS link on the right. Also as we were told with our PSL land in Reeves County, we do own the surface but the State of Texas owns/controls the Minerals. When you lease, they will receive 1/2 of everything, and the same with monies from production of oil or gas. ie: if you leased for the $2650 per acre you and your sister would get $1325 per acre and the State of Texas gets the other half. Their monies go into the Permanent School Fund.
Good luck on leasing. Hang in there, this can be a long drawn out process. It took us 6 months of negotiating last fall and spring before we signed a lease.
Marie Haag
Robbie Niesen said:
It's Public school land, whatever that means.
What about if we sell the mineral rights? Does the state of Texas get half?
Robbie,
We were told if you have PSL you do not own the minerals. Therefore we don't think you can sell what you do not own. But, we are not experts. Only have learned what we know from this site, the RRC site, and the Texas General Land Office site.
Hmmmm....I will have to check it out. I have a deed for the minerals called a mineral deed. When I find out I will post. Thanks.
I think on school land if you own the surface then you own half of minerals with the state. bob
Now I have been offered $4000 to sell mineral rights. I found out the psl has nothing to do with my mineral rights ownership. Anyone know the going rate? Please let me know as the offer expires sooon.
That's 4,000 per acre.
Robbie, where is your land located? Anywhere close to Blk 55=4 section 8 ?
Thanks,
Louise