I have 1/8 interest in 98 acres in Grant District in Wetzel County. I have been approached by a company in Texas to sell my mineral rights. The offer is $2500.00 per acre. I would like to know the going rate per acre. This offer seems low to me.
Thank You.
I can tell you, that Im signing a lease this week for 6,000 an acre. 2500 is highway robbery, my opinion, if someone wants to buy it, 24,000 an acre is what it would take for me to sell.
Just depends, if the property is held by production, meaning you are receiving royalties, then 2500 is in the ballpark. If the property has not been developed, then yes, it's worth more.
Sherrie,
There are many factors to be considered, but $2,500.00 is extremely low for Wetzel County, even if held by production.
Good luck,
I also have mineral rights in the Grant District in Wetzel County that I'm currently negotiating a lease for. I was wondering if you could be a little more precise regarding the location? My property location is just northeast of Pine Grove. I was curious to see how close your property was, and if it was quite close, I could then provide you current information regarding what Grant District property in that area is now going for.
can you say what company, if eqt doesnt give me more, i would like to contact a company and see what they can offer , thanks
Me and my two brothers have approx. 8 acres in Green District, Wetzel County and have been offered $3500 per net mineral acre lease with 18% royalty by EQT. We are in Ohio and have no idea what the level of activity has been in Green District. Any input would be appreciated.
Michael,
I would avoid EQT at all costs. They may offer a nice royalty, but will rob you blind with 'expenses', even if you have a Gross paying lease. I have had royalties payments that EQT took more than 100%, leaving me with a negative balance.
Good Luck
Randall,
I would suggest you contact Antero, they are much better to work with than EQT.
thank you
24,000 in current environment is laughable.
Not a bad offer
Hi Sherrie that offer is very low for the area…
No one is ever going to buy mineral rights in Wetzel County, West Virginia for $24,000 an acre.
I was recently sent an offer from Relique Energy out of Morgantown. They are offering me $2,500 an acre for what our 4 family members own. 1/4 of 48 acres. But I believe we are held by production. What exactly does that mean?
Held by Production means that there is a lease on your acreage that has a provision that the lease remains in effect as long as there is production on it i.e. from a well or wells on it. Some leases state something about production’s having to be economically viable or something. The result of being Held by Production is that your acreage is not able to be leased to a new company with bonus money paid to you. Your acreage may also have had the lease modified to allow pooling and unitization with surrounding acreage to drill a horizontal well for example.
Ah I remember now. That’s why Antero told us we were not eligible for a lease bonus when we signed the pooling modification years ago. That’s kind of ridiculous, especially when the wells are barely producing anything. The most ours has produced in the last 10 years is 67 barrels of oil in 2014 and 119 mcfg of gas in 2012. The other years is basically nothing. With several years of 0 production.