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Oil/Gas/Minerial Interest in Craig County, OK

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Question
I have inherited from my grandfather 350 mineral acres in Craig County, OK. Section 24 Township 24 North Range 20 East. I would like to know if there is any production/lease in that area.

I would also like to know if I should sell the mineral deed or just hang on to it? Not sure what it is worth per acre.

Answer
Not to burst your bubble, but there's not much going on in that area of the state really so I don't think these would be worth more than $150 per acre were you to sell them. Unless you really just want to sell them I'd probably suggest hanging on to them rather than selling them for so little. There is also no leasing going on in this area currently, and any lease bonuses that could be had would be for less than the $150/acre you could probably sell them for.

If you do decide to sell I'd say consider using the Mineral Hub to post them on (see below link) which is my site, but on the other hand I've already told you what I think they're worth so I might not seem very objective ha ha! That said, I'm not usually a buyer myself so actually I try to value properties as fairly as I can for my sellers but it's up to you Jessica. As I mentioned, you might want to just hang on to them for a few more years and see what develops.

Hope this helps you out.
Frederick M. Scott CMM RPL
www.mineralhub.com
The Mineral Hub  

Oil/Gas

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Frederick M. Scott

Expertise

Oil and gas leasing, lease negotiations, how to best deal with the oil and gas companies or their representatives, buying/selling mineral rights, forced-pooling, correlative rights, deeds and conveyances, and "post-production" costs. I am most experienced with Oklahoma properties and laws, but am able to answer questions concerning other oil and gas producing states in many cases.

Experience

I am a Certified Professional Mineral Manager (CMM) certified by the National Association of Royalty Owners (NARO) in Tulsa, OK. I am also a Registered Professional Landman (RPL) with the American Association of Professional Landmen (AAPL). I have managed my family's oil and gas properties in Oklahoma for over 10 years and have dealt with many landmen, title analysts, attorneys and other oil and gas professionals in the process. I have written several articles which have appeared in various oil and gas industry magazines and newsletters. I have negotiated and drafted leases, prepared deeds, affidavits, and other legal instruments relating to my own minerals, as well as performed title, legal research, and curative work for same. I have acquired a good deal of knowledge on the subjects of oil and gas law, mineral appraisal, and landwork over the past ten years, and also worked as a professional landman and lease buyer for a time. I've seen the business from "both sides" and therefore feel confident I can help out most of the folks who ask questions in this forum.

Organizations
National Association of Royalty Owners (NARO); American Association of Professional Landmen (AAPL)

Publications
National Association of Royalty Owners "Action Report" (ROAR); NADOA Magazine, The Mineral Hub, Landman Magazine, and several royalty owner association group's newsletters.

Education/Credentials
Certified Mineral Manager (CMM), Registered Professional Landman (RPL)

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