Hello! I hope someone would be kind enough to advise me.
I have mineral rights under lease at the referenced location in Kingfisher, known at the Gilmour well. Recently I received an offer of $7,500 per acre from Shepherd Royalty of Dallas.
Two questions, please:
1. From your experience is that a fair offer?
2. Is Shepherd Royalty a reputable company? I am asking because I spoke with a landman there about two weeks ago. I was told at the time that they would honor the offer. I was to receive what amounted to a written offer to start the sale. As of today, I have received no other word from them, and no landmen seem to be in the office. Seems odd to me.
Thanks for any thoughts or advise.
If you are set on selling, just make sure you have the check in hand before you give them a signed deed.
Personally I have never heard of them, but as long as they pay upfront that shouldn't be a problem.
Have you checked the Internet to see if they are a registered company? Just like R Story said, make sure you have the money up front and it clears the bank before you sign a deed. We've even had people send us a check written on a real account only to find that the check was bogus. Some crooks are pretty smart, they know that it can take several weeks for a check to clear the bank. I think I'd want some verified method of payment like a bank transfer. Other more knowledgeable people may suggest other methods and protections you can you also.
1. In my experience, first offers are usually quite low to final offers. Ask for twice as much and see if they blink. Always get the offer in writing. I agree with Ryan and John. Do not turn over the deed without a cleared check, or a money order.
FYI - Did you check out their website? I see they accept using a 3rd party to hold the deed and money like escrow, maybe a good option but find a lawyer or someone you can trust to be the 3rd party and as M Barnes says, the offer is probably low. We were offered $6,500 in same area but others have said they were offered $10,500.
Hi Debra:
Drop me an e-mail and I will let you know the best way to handle your situation.
Respectfully,
Todd M. Baker
Figure how much tax you'll have to pay if you sell. It may be to your advantage financially to keep your minerals and take income on a monthly/yearly basis. Best to talk with a local lawyer.
Hi again Debra. I recently sold some minerals in that immediate area for more than the $7500/acre. Drop me a PM or e-mail me at .
Good Luck.