This happened three weeks ago. A guy showed up on my door inquiring if I was the heir to such and such person. It turned out I was. He then said that I was the heir to mineral rights for 20 acres in Gregg County and he wanted to buy them. His price to "buy" them was $400 an acre. I didn't previously know anything about this, and he wouldn't tell me where they were other than in Gregg County.
I've been trying to figure out what potentially I have, and would appreciate any suggestions. I know that leasing interest has fallen greatly, but is there still any leasing going on in that area, and if so, what is a ballpark figure if it so happened that these acres are in an area of interest in Gregg County. I guess there is at least one person interested because he drove from Tyler to know on my door.
Would it be best to wait to see if n gas goes back over $6 in the next couple of years?
Also, how do I go about finding out exactly where these acres are?
Go to the clerk of courts office in Gregg County and run your family name backwards in time under the Vendee/Grantee index books. Look for something transfering into your name first, if you find it then the job was easy, if you don't then run your father and mothers names. Then grandparents etc until you find your answer. I have no idea about the workings of Gregg County, so you may want to ask a employee in the clerks office to point you in the right direction.
No. By the way, I live in Austin, so the guy who showed up here had a pretty good drive. I'm guessing that the oil companies have their plates pretty full just drilling the properties they have already leased in the area. But, I'm just at the beginning stages of looking into this.
It was in Gregg county. He didn't seem to want to divulge much other than it was in Gregg. I obviously need to do some work into finding out exactly where it is. When my sister talked to him, she didn't get any better response. The mineral rights are in my grandfather's name, who died decades ago, and that no one has known about this all these years seems to be an oversite. My sister and I are the only living relatives.
Steve, are you sure that you are the only livingrelatives? You need to research that a little bity more. I'm also related to some Lynch"s ther in Texas too. Also my grandfather died decades ago also back when my other was a young girl. My mother has been gone for over 30 years now herself I have a aunt and uncle that live there in San Augustine and their name is Lynch , and believe me theyall do know about this ! Your not the only heirs to this, sorry!
Hi Martha, I wish the acres were in San Augustine because that would be a much more interresting area, but they are probably around Longview. The inheritance is on my Mom's side of the family and doesn't have anything to do with the Lynch name.
You say he wanted to "buy" the mineral rights - why are you using quotation marks? You ask about leasing and whether any leasing is going on, and I wonder if you have an accurate idea of what this person wanted to purchase. Besides finding out what you own, you should find out what the offer is. Is this guy trying to lease or buy? Very different offers, with very different values. If he thought he could outright buy the minerals for $400 an acre, it probably was worth his while to drive from Tyler.
Can you start your inquiries with your family members? That would seem to be the quickest way to start.
M. Mcwilliams, I have mineral rights and four acres of surface land. I have been offered up to five times the value times a twelve months in a lump sum. Does that sound right? My minerals and land is in Harrison County and is just south of I-20 going down the Texas State LIne. Can you give me any input regarding price offers?
My parents had a similar situation occur last year. Being a forester I had experience at land deed research. After extensive research I nailed it down. My great-grandparents reserved the minerals on a 60-acre tract of land in 1936. I found out who had the lease and even found out they had s small amount of money in a holding account. But by now the mineral rights were so fragmented the percentage they owned was extremly small. They would never be able to locate all the other heirs and get their signatures to get the reserve money and begin receiving royalties. So we just let it lie for now.
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More