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Permalink Reply by Polly Ann Foote on October 6, 2013 at 8:39

There is a new well in 23-15-20 according to information on the Arkansas Oil and Gas commission website. Drilling was to begin in December 2012. The well came in  2/5/2013.  It is called the Wepfer  1 and is an oil well.. Betsy Production is the operator.

 

 

 

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Permalink Reply by norma smith on October 6, 2013 at 11:14

Thank you, Polly... I found their address in Magnolia and a phone number so I plan to call them this week... I had found something (I guess it was an application?) showing them in Township 17S- Range 21W, Columbia County. It came up when I googled that area... I went to Arkansas Oil and Gas commission, but wasn't sure how to find anything...  Thank u so much... This is very helpful...

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Permalink Reply by Skip Peel - Mineral Consultant on September 30, 2013 at 1:41

norma,  you should engage the services of an experienced O&G attorney.  They should help you solicit multiple offers and decide what to sell.  You can sell all or a portion.  A half interest, a quarter interest, etc.  That way you monetize some of your minerals now and keep the opportunity to receive future royalty income on the remainder.  If you sell a portion to a buyer experienced in managing minerals you basically get a partner in managing your remaining mineral interest going forward.  Your attorney or CPA can help you to understand the tax implications which can be important.  If you have owned your minerals longer than 2 years proceeds from a sale would be taxed as long term capital gains instead of regular income.

There is too much development activity in reasonable proximity to Columbia County at this time to get in any hurry.  That's why I suggested you read through the discussions in the two groups.  An experienced O&G attorney should know even more.  I don't think $300 per acre is a fair market value so don't worry if this offer goes away.  Your attorney can help you to determine a range of fair market value dependent on what terms you require in a purchase and sale agreement.  If you wish to sell be proactive instead of waiting for offers  to come your way. 

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Permalink Reply by Skip Peel - Mineral Consultant on September 30, 2013 at 1:45

norma, an O&G attorney will know if there is any leasing activity in your area.  However you can also go to the courthouse and review recently recorded leases if there are any.  The Clerk's staff can explain how to do this.

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Permalink Reply by norma smith on September 30, 2013 at 2:03

Thanks... I think I will make a trip to the court house and see what I can find out... Thanks so much for your help...

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Permalink Reply by Joe Aldridge on September 30, 2013 at 1:55

Norma,

I tried to answer this thread a couple of times and GHS would only post a part of it. 

First, There are some people out there that pray on the us elderly. Sad but true. With development in the area you should be able to get at least 300 an acre for a lease bonus + 20-25% royalty. A sale would be much higher. I would suspect that there is going to be year-end drilling in the area and this land man would rather offer to buy rather than offering a lease. Its probably some speculator that has insider info. 

With as much land that is at risk you need to find a Good? Oh, knowledgeable O&G attorney that is familiar with the drilling in the area and the values of a lease or a sale. You need to do this be it a lease or a buy of your minerals.  

Hope this helps. Good luck!!!!!!! 

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Permalink Reply by norma smith on September 30, 2013 at 2:05

Yes, you've been very helpful... Thanks so much...

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Permalink Reply by iwana nipper on October 14, 2013 at 10:52

I agree, do not sell your mineral rights, my parents hung on to them for years, came from my granddaddys land. We have 5 wells and have received money on these royalities for years. Also Atlanta Oil has leased from us to start drilling 2 more wells.All of this is at Macedonia. Always hang on to your mineral rights, even if you sell your property....always.

 

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Permalink Reply by norma smith on October 14, 2013 at 16:17

Thanks, Coon... Where is Atlanta Oil from? Wish they would move a little further north east of Macedonia... I spent a lot of my growing up days at Macedonia, so I know where you are talking about... My parents are buried at Harmony Methodist Cemetery at Macedonia...

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Permalink Reply by iwana nipper on October 17, 2013 at 10:41

Norma, Atlanta Oil Exploration has an office there in Magnolia. Who is your family? My maiden name is Nipper and parents have passed on. But I have the mineral rights on their property even tho we sold it.Also have mineral rights on property Dad bought back in the 40's. We went to Magnolia courthouse, looked up all records on the old property and we own the rights. Even if you sell property, always retain mineral rights, that could help you down the road. I am on FB, Sue Nipper Coon or email me:Iwana.Coon@yahoo.com

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Permalink Reply by norma smith on October 18, 2013 at 4:51

Sue, my maiden name is Stanford... Mother's maiden name is Dingler... Her sister was Lillian Jones, married to Earl... Their youngest son, Michael Jones lives where their old home place was in Macedonia...

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Permalink Reply by Oklahomachic on October 7, 2013 at 13:48

NO Trust me! Inbox me.  

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