Mineral rights?

[ripit]

So I have inherited these mineral rights (don't own the property). In actuality, I own 1/4, my brother owns 1/4, and my step aunt owns half of 140 acres mineral rights only. So they had a hard time finding us, talked to my sister inlaw and the offer was 70k to buy, then they talked to my Alzheimer's father who went on and on about how the property was so worthless and all we had ever gotten out of it was a 500$ lease. Now the offer is 7k (supposedly a decimal point error about the number of acres). If it were a lease, not the end of the world but they want to buy. I know there are oil layers but for such a small deal, and wont they try to take as much as possible just to advise?

Any advice?

[Bob]

No man get what is due to you guys

[_Jethro]

Does anyone have a geology report on the property? If it is shale oil then at market price someone stands to make way more than 7k.

[ripit]

[QUOTE=~Jethro~;2045740]Does anyone have a geology report on the property? If it is shale oil then at market price someone stands to make way more than 7k.[/QUOTE]

The problem is, the only people that probably have a recent geology report are the people trying to buy it. I’m sure they do not wish to share the info… If there was other info including past reports (the land has been leased years ago, someone looked at it), I wouldn’t know how to find it? I plan on researching it (and I’m sure I can find something), but I’m so overwhelmed with other things, it might be gone by the time I finish looking.

[Sexy_Southerner]

there should be a soil and conversation report at your local county office…

[harley2ride]

If someone is interested in offering ANY cash, there is a reason. I’ve had mining claims that have been in my family since 1928, and I wouldn’t sell them (lease maybe). Even then, I would get an attorney involved…

In your case, all mineral rights should be recorded with the Bureau of Mining and/or the BLM. Spend the time and do a little research. If somebody leased it before, they had to file information as to what they were looking for. You may even want to contact the people who filed the lease.

All minerals (oil included), are becoming more rare, and your rights, will only increase in value. I’m not sure how it works where you are, but here, I have to refile my claims every year. So check and see what filing requirements are, so that you don’t lose your mineral rights (unless they are patented rights).

[cholla]

I couldn’t put it better than harley2ride but to stress the point time to consult an attorney & get any “public” information & any private information you can get you hands on.Like previous leases or contracts.