I am the executor of an estate that includes a mineral deed on 80 acres in Carter County, northwest of Ardmore. Can you provide advice on how to establish a value for this deed?
Thank you.
Is it producing or not producing?
Carter county is large, certain areas more valuable than others, some sections worth 0, some worth thousands, will need to provide section-township-range to garner advice.
Read the deed carefully. It may have originally been 80 acres, but may have fractionated over time. It may have said something like 1/4th undivided acreage, etc.
If you care to share the section, township and range, then the forum can give information on the wells if there are any.
You may need to speak to an estate attorney to see whether the acreage needs a full blown petroleum engineer evaluation for estate purposes or if a general average will be sufficient. The evaluations are usually done as of the date of death or six months later, whichever is more favorable to the estate.
Welcome to the community.
A deed is evidence of ownership, unlike a vehicle’s title it is not a guarantee of ownership. Tim’s question was relevant, if producing minerals generally enhance the value.
M_Barnes is correct that you cannot rely upon the acreage described in the deed.
In Oklahoma, the value does not need to be exact for the purposes of probate. If you need to lock down a value, an appraisal can be doned.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
I want to thank all of you for generously helping to educate this newbie. The deed has been in the family for a while and I will be the 4th generation owner. I am working with an estate attorney and will see what she advises.
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