Oil/Gas/old oil and mineral deeds value
I found three very old mineral oil deeds in a safe box my grandparents had years ago they are dated 1930 one if from century petroleum co. Oklahoma county Oklahoma; the other is J-Z Mineral Deed; the third is says mineral deed I have scans of these also, I just want to know what the value is or how to find out..I keep going in circles and getting nowhere. Need to find out as quick as possible to save my son and I from losing our home. The deed were under Roy J. Calhoon and Hazel E. Calhoon
If your grandparents sold their interest, or willed it, or parts of were inherited by other heirs, then that would obviously have an impact on the value. The County Clerk's records would show the state of the title as to any subsequent sales. I assume your grandparents passed away from the wording of your question. What do your parents have to say about it? They may know something.
What is the value? Thanks for the great question. The proper way to establish a market value for an oil and gas lease involves some research to learn the nature of the prospect (production on surrounding parcels, for example), the likelihood of payout, and the expected quantity of payout; and perhaps obtaining the opinion of a geologist or at least talking to a knowledgeable landman who is active in the area, all of which takes time and money. One property may bear a lease bonus of $1000 an acre or more while an adjacent one may have a value of $100 per acre or less. Have any wells been drilled in the surrounding area recently? Have you spoken to the owners of the adjacent properties? Have you asked a landman what is the most he has paid for a lease in that county? Unfortunately, it is difficult to answer questions like this one for free due to the aforementioned need to pay for research and hire experts.