I hope it’s okay to ask this as I have no clue about any of this. I’m not sure what a fair offer is or even to whom I should reach out to. I hope some here can help. I have 79 acres of mineral rights.
Before you consider selling, make sure that you are getting any royalties due to you. Also find out if your acreage has pending activity in it or nearby. If you post the township and range, we can help with activity. Low activity will lead to a low price. There are quite a few auction sites and many buyers in OK, but the “fair” offer is dependent upon location, location, location.
I hope this is what township and range is. It’s on some paperwork I have. If this is correct I’ll post all of the acres.
T 8N R sec 8 QQ ALL INDIAN 1870 ALL SECTION 8, TOWNSHIP 8 NORTH, RANGE 17, WEST, WASHITA COUNTY, OK CONTAINING 640 ACRES MORE OR LESS
I’m so sorry for my glaring lack of knowledge on this. I truly appreciate the help!
All of us started at zero knowledge. You are smart to ask questions.
8-8N-17W-There is a producing well. Sandra Jean 1-18. Are you getting paid on it? It is spaced at 640 acres, so you should be. That well has a nice long life left in it if nothing goes wrong.
We do get a check every month from Marathon. So now my question is how do I sell them and how do I know if I’m being fleeced? I had one offer of 4500 for all. I turned that down and he came back in 24 hours offering 15k and then 26k.
In my experience, most first offers are low as you just found out. It is good to get offers from several buyers to see what the market is like. There are quite a few buyers out there. Be ready with a complete list of your tracts and your net acreage in each tract and whether it is leased, unleased, producing or non-producing.
“Fair” is “the amount a willing and informed buyer under no compulsion to buy and a willing and informed seller under no compulsion to sell agree to.” Usually, the seller is less informed than the buyer, so keep asking around.
One way you can look to see who is buying is to go onto www.okcountyrecords.com and look for deeds changing hands in your area.
Also keep in mind that if you do sell you will face capital gains. Therefore you need to know what your basis in the property is. If inherited, then form the value of that date. Around tax season you will find lots of folks scrambling to determine this. It is best to visit with a CPA before the sale.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
Hello 
I am just a small fish in a big pond and inherited a small portion with my brother and sister in 1998. I bought my sister’s share several years ago. So my share is now 4.44 acres. We have never received royalties of any kind, but executed sporadic 3 year leases over the years with a 3/16 profit stated. My mineral rights are located here:
The NW/4 of Section 32, Township 9 North, Range 16 West of the Indian Meridian, Washita County
Do you have any advice for me as to potentially selling the rights, receiving royalties, hanging on to the rights? I have no idea about activity in the area. Thanks a bunch!
Also, my brother owns 2.222 acres as well. So there is a total of over 6 acres.
The last drilling in that township was in 2011. Chesapeake was the big player back then. The latest spacing was by Upland Exploration in section 30 in 2019, but then Covid hit and nothing came of it -yet. There are quite a few auction houses that might be interested, but you won’t get much of an offer at the moment since there is no production and they will probably charge a fee. If your names and addresses are filed at the county courthouse, then buyers can find you. I do not see any leasing in the last few years, but who knows what will happen in the future.
Thank you very much. I really appreciate the information and your thoughts.
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