We’ve recently been approached about mineral rights in Section 36, Township 9 North, Range 6 West in Grady County. Have been offered from 5 to 8 k per acre. ‘Forever’ rights with 3/16’s involved. We know nothing and and were only recently aware of this inherited interest. We have no clue if there is such a thing as a ‘going rate’ for this area. Any info or advice? It would be appreciated. Thanks.
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36-9N-6W Do not do anything until you make sure that you have all the probate documents filed at the county courthouse. Roan has filed for additional horizontal wells in your section. The company is trying to buy your minerals before you get paid for those wells and any potential other ones. Those letters are teaser letters and the amounts offered and actual amounts can be quite different. The range in price per acre is according to your royalty rate. Higher royalty gets higher price. Also, if you just inherited, you need to get a valuation from the executor of what the rights are worth. If you sell with no valuation, then you may be subject to 15-20% capital gains on your entire sale. If you get the “step up value” as of date of death, then the tax may only be on the difference. Can be very important. Also, those first offers can be very low. I have heard of at least $11,000/ac at 3/16ths for section 33 near you. Slow down. Get informed. You acreage is in a good area and you may want to hang onto it for future generations. You can invest the royalties you make now and keep the minerals for future generations. Many things to consider, so don’t let them rush you.
Read the Grady forum. Lots of info on selling vs not selling.
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