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I need help if anyone knows about owning and and its mineral...

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by: 6 OP
~ 7 years ago Jul 28, '16 11:26am

I need help if anyone knows about owning and land its mineral rights! My sister and I inherited land that has a gas well on it and gets a little check every 3 to 4 months. A man called offering $50,000 for just the mineral rights leased until the well goes DRY!

Does this sound fishy? We only get $30-$50 every 3 mths...

Wondering to sell to this guy or keep in the family! Please help!

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Replies:

~ 7 years ago Jul 28, '16 11:32am

@CE3673

So you get roughly $120- $150 per year out of it, but someone wants to pay you $50k for just the mineral rights? Do the math...If it's sounds too good to be true, it probably is.

Sounds like a big scam to me...be careful!

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10
~ 7 years ago Jul 28, '16 11:32am

probably worth finding an attorney who expertise is in this area. Land in TX??

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12
~ 7 years ago Jul 28, '16 11:34am

I have land in East Texas with gas/oil wells also.
I get these calls/letters offering large amounts of money all the time. I would not sell my rights. We were doing pretty good until the oil price dropped. It would be a blessing if oil went up for me and maybe a good inheritance for my kids to have.

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14
~ 7 years ago Jul 28, '16 11:51am

Don't do it.

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~ 7 years ago Jul 28, '16 11:53am

never ever sell your mineral rights...

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6 OP
~ 7 years ago Jul 28, '16 12:03pm

@brightlights
Just seems fishy to me.

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6 OP
~ 7 years ago Jul 28, '16 12:09pm

@tflea
My sister was considering asking for more. I told her not to budge and keep. I want to keep this in the family.

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6 OP
~ 7 years ago Jul 28, '16 12:12pm

@tflea
I am going to start researching this. It is in North Louisiana so I guess I would need a lawyer from that state?

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8
~ 7 years ago Jul 28, '16 12:12pm

STOP! Do not sell your mineral rights. If somebody wants to buy them, then there is a reason.

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9
~ 7 years ago Jul 28, '16 12:15pm

If it feels fishy go with your gut. Don't do it, besides wouldn't you want to leave it your family?

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6 OP
~ 7 years ago Jul 28, '16 12:21pm

*Edited

@yomom
I am the family comes first sister. My sister is hard to explain... money sometimes trumps it all!
She doesn't think things through , more of what i really mean to say

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8
~ 7 years ago Jul 28, '16 12:37pm

My parents still get royalties on a gas well that spud in 1962 in PA. The well is named after my Grandmother.

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8
~ 7 years ago Jul 28, '16 12:39pm

Now, leasing is a different story. If you decide to lease, find a good O&G Attorney and if you know a Landman, rack his brain for info. They can advise you of exactly what to ask for in your contract. If can prove to be quite lucrative.

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