Carol, could NOT agree with you more - young hungry players equals DO YOUR RESEARCH and know what you have (value wise). We were able (after dealing with several young hungry players) find a company that made us an offer we could not refuse on a section of land in Howard. I explained to them that I knew they were in the business of making money - but, I was going to make my MONEY too! This site was literally so incredibly helpful in helping me negotiate.
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Looking to sell in Howard co also. If you don’t mind me asking what were you able to get an acre
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First, DO NOT SELL! Those offers are undoubtedly very low. I am not familiar with how things work in Texas since our minerals are in OK, but there are a few general things. As for title, you check with the county clerk, some counties have records that can be searched online, some you have to actually go to the county clerks office to search or get a landman to do the search for you. If there are already producing wells and income/royalties which you are not receiving they are likely being held by the oil company in a suspense account, after a period of time they would likely be sent to the state treasurer. So, you need to be sure the oil company has your father’s current address and contact info, then find out what it will take (what documents the oil company will require) to get the mineral rights into your father’s name so they he can start collecting the royalties. In OK they need a probate of the deceased’s will showing the inheritors. Possibly an Affidavit of Heirship. Once he starts collecting royalties is the time to start thinking about selling, with that many acres he might want to just sell part and keep some especially if there are producing wells. That many acres could be worth a very large amount of money. Just as an example, a couple of years ago we were offered $5,000/nma (net mineral acre), early this year the offer went up to $15,000 per acre, so you should find out approximately what kind of offers are being made. Usually, once you post on this site, you’ll get plenty of advice from people who are knowledgeable, hopefully people in Texas who have gone through the process. Good luck!
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Couple of suggestions from a complete novice … You can contact the Howard County Clerk at (432)264-2213 for guidance on how to find the owner information. Also, there is a web site: Tyler Technologies - Texas County Government Records. Search records for Howard County. Follow the prompts for entering information into their search engine. Otherwise, it looks like we have some knowledgeable and helpful people on this site. I have been given the same 'DO NOT SELL!" advice by folks. A cousin in Texas tells me Howard County is nicknamed Saudi America. It is just a matter of whether drilling costs more than the value of the product - at least that is what I have read.
Thank you so much! I appreciate it! They’re planning on holding onto it. They’re meeting with an O&G lawyer in our area this week to discuss their options and what needs to be done.
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My parents haven’t sold. They’re meeting with a lawyer to discuss options. It depends on what’s going to be in their best interest. They could use the money, but if it’s going to be better for them to hold onto it and get the royalties, then that’s what they’re going to do. We have a family friend who is an accountant for some of these Oil companies, and she advised them not to sell because she said its extremely crazy there right now with everyone trying to get their business to be able to get royalties.
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You should sell if you determine it is the right thing to do at the time. Everyone saying “don’t sell!” isn’t in your shoes, and they’re not in your situation. Do your homework, and then make the choice that is best for you and your family. It might be best to hold on to them, it might not. You shouldn’t sell to the guy who went from $5k to $45k though.
Thank you! We’re weighing all options to see what’s the best thing to do.
Good for you! Hope you can do some things with that money. Family, land, time for your self. I would throw some money at an animal shelter.
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Lol first thing is a new car!
Some of my family and I have a small royalty interest in what Howard Co. Appraisal District describes as Gillihan #2,3, Grenadier Energy, T1N Blk 31, Sec. 18, T & P Survey. Never has done much but now getting offers to purchase. I don’t live in that area, would anyone know what’s going on there?
Grenadier are good folks to do business with. We have received an offer to purchase the rights to a producing well from Anthem Oil & Gas. I ran the numbers and it came out to 3 years and 3 months worth of royalties . Not a wise move on our part.
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My parents still have not received any of their royalty payments yet. Once they get a number, we will know what they’re working with.
Hi. I just re-joined this site after probably a 5 year absence. Probably late in the game for this question, but if you haven’t sold, please don’t. I’m sure most folks on this site could tell you stories. A long time ago, I sold a couple of mineral interests(small ones for what I thought was a lot of money). REALLY sorry I did it. Best wishes to you. Bruce
Update on bills of note in Texas-
HB 3838 – ROYALTY LEASE SCAM
This bill is set for hearing this Monday, March 25 at 2:00 p.m. in Energy Resources. We need help with:
Calling committee members and express support for the bill – link is Texas Legislature Online - Committee Membership
Please especially call if you or a relative got taken in by this scam.
HB 3226, to amend MIPA (the forced pooling statute) to allow drilling permits to be good for 2 years instead of one, had a hearing. Due to potential for mischief here, we are keeping a close eye, but the sponsor and committee members have pledged not to allow any floors amendments that would open up the door for broader forced pooling.
SB 817, to require BTU values to be added to royalty stubs. We will support also. Hearing was yesterday. Have not heard yet how it went.
HB 3372 is a very dangerous bill. Craddick is the sponsor, which is puzzling, but it prohibits breach of contract actions against payors when money is withheld due to a title dispute. Apparently they think they are protecting Sunoco and the other gatherers who are payors but not the operator from being drug into a suit, but very concerned it will be interpreted to give carte blanche to withhold money for flimsy title dispute reasons and be insulated from getting the lease terminated.
SB 1156 increases setbacks to 1500’ around private schools and child care facilities. No movement yet.
Updates on the Texas Legislature will generally not be posted in this group. See the NARO group for updates - NARO - Mineral Rights Forum