Posted on 03/18/2017 11:22:31 AM PDT by Aria
I inherited mineral rights to some acerage in Texas. I've been told that I need a land agent to find out if there is value to these rights. I just realized that Freepers probably would know how to go about finding an agent. I didn't get very far googling - only came up with real estate agents.
Can you get a referral from a real estate broker or association?
Some things you can do yourself. First, check with the appraisal district to see if there is production in the area. You can have production in the county but none near you. Second see if there is actually production in your property. Sometimes they miss an ownership (happened to my aunt) and they would owe you money.
If (A) no production in your area, and (B) not on your property, it will have minimal value. I was offered $1500 for 80 acres of mineral interests (non-producing) a cople of years ago. Turned it down. Next year was offered a significant leasing fee on the same acreage.
Bottom line is, don’t sell it and assume it has no significant value (for inheritance tax purposes). My father gathered up old minerals in east Texas in the 30’s, has made me a nice bit of change with the advent of modern drilling techniques.
You didn’t say where the minerals were, so I can’t give you any more specifics.
Probably referring to a landman. They usually work for oil companies and are hired to determine who owns the mineral rights.
http://info.courthousedirect.com/blog/bid/209605/What-is-a-Landman-Anyway
Read the deed .
Ask your neighbors who sends them their checks
THAT'S the one you go to to prove your inheritance to and start getting yours.
It’s in Beaumont.
I will follow your advice by first calling the county and going from there.
Thank you!!!
Do the neighbors have pump jacks operating?
Like looking for car in parking lot for a restaurant. I call the parking lot test. If the parking lot is full, you want to eat there.
What part of the state are the mineral rights? (I’m not an agent, family has some wells) Do you have 100% of the rights?
You can seen me a freepmail message and I might be able to give you a cost free suggestion.
Search the net for oil and gas production areas in Texas. Are you in the Barnett Shale area? The Permian Basin?
Chesapeake and XTO are probably the two largest operators in Texas. Go to their sites. They will say where they are looking for rights.
Drive the general area if you can. Look for wellheads and rigs.
I have some rights near Arlington in the Barnett Shale. Two sites have been drilled and are paying. If you are in a producing area the “land men” will find you.
Local title companies may also be helpful as mineral rights are deeded and that means they work with the land men for operators.
Mineral rights are always valuable to me. Even though we bought some land over 30 years ago and the appraisal said the mineral rights were worth $100 per acre. We may have leased it once, got close to a good lease another time but they didn’t follow through. So keep the rights but they may or may not pay out. There is oil production in our area just not on us! If you are approached to lease be sure to get a knowledgeable lawyer to advise you. A good one will know what leases should pay and provisions to include in the lease for your protection. Be sure you know what you are signing before you sign. If they are really interested, the oil company will deal. Also, sometimes ‘land agents’ want to lease your land to tie it up and they will sell the lease to a third party to develop. Just be informed.
I live in Portland....haven’t been there in years.
My sisters and I have 100% of the rights so I’d share with them. The land is in Beaumont and just found out that’s Jefferson County.
I live in Portland and my mother lived in Seattle. I think I should take a trip to Texas.
The land is in Beaumont - have no idea what’s going on in the neighborhood but I need to find out.
Thanks for the info about Chesapeake and XTO! I will check them out.
OK reason I asked about percent, is control to make a decision with the rights.
I don’t know about Beaumont area. You might call the county tax office where the rights are held and ask them if there is production in the area. They might even know someone who could give you an opinion.
There are some land men in Abilene that I know, but that is 1/2 way across a very big state.
I assume the way you described it, that you only have the mineral rights. Not the actual land. The property is probably in Jefferson County Texas.
There is one more thing to check. In Tennessee the mineral rights are severable but if not exercised after a period I don’t remember, they revert to the person with the surface rights.
All things considered though, keep’em. You never know
You might also try
contacting a geophysicist
that is active in the
area in question. If
oil exploration has been
done in the area of your
lease, they will have
underground strata mapped
out.
The US department of the
interior will also have
maps indicating any type
of mineral in that area,
and any mines (active or
inactive). In New Mexico
it’s the BLM that compiles
this information due to
most open land is state
or government owned.
Aria, I didn’t read what was mentioned aboiut Chesapeake...please be careful of Chesapeake. My parents own a lot of acreage in Allegheny/Beaver county and their property is leased for oil with Range Resources. They have been excellent as far as dealing with them and they are always on time with payments. No drilling has occurred directly around them yet but they have about 1.5 miles away. Those who signed with Chesapeake constantly talk about the nightmare. There are alot of forums for mineral rights. Example in PA alot of people will pull up the Marcellus Shale forums and sites.
There is oil production all over Jefferson county and it’s near major refineries. I don’t know anything about mineral rights but with todays technologies almost any property can produce.
This won’t answer your specific question, but it may at least tell you if you are in the ballpark:
http://www.texas-drilling.com/jefferson-county/beaumont
Recent activity and historic production. It’s an oil area, but the questions would be how much is left and is it economically recoverable at what prices.
I actually know more about Louisiana than Texas oil and gas.
How many acres?
Lot’s of discussions here. I didn’t dig in. (pun intended)
Good luck and freepmail me anytime with questions. If you inherited land as well as mineral rights, yes you need to tour your Texas holdings. It’s almost bluebonnet time, go soon!
Chesapeake is a problem but is often the only available operator.
They cheated me for several years and a I joined a class action suit and won some money. I probably still lost overall but they were the only game in the area.
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