Quick & Dirty Valuation?

Is there a quick way to do a roughly-right valuation of property in Venango Co Pa?  We know acreage and ownership (50% of 70 acres). It doesn't have any wells on it, and is for the oil, gas and minerals. The surface land it owned by someone.  My head is spinning trying to et an estimate.  We ultimately will get it formallly appraised (if that is the right term) but in the mean time, we're trying to account for it in our will.(as in who gets it if we pass away soon).   And whether it is $5K or $20K or a $bizillion as the roughtly-right amount is imortant to estimate for now.

Any simple math to use? Thank you.

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Permalink Reply by JPN on May 14, 2013 at 4:26am

Correct Oliver.  It isn't for tax purposed (that was paid long ago).  We're trying to get a current, roughly- right valuation so we know who to leave them to in our will.  Hopefully we'll live a long time and can decide between now and then to sell them or not, but in the mean time, the rough-value will help to know whose name to put against.  (and no, folks.... we don't need volunteers. :)   )

 

Thank you everyone for your continued comments. They and this site are very helpful.

Permalink Reply by alan coogan on May 14, 2013 at 9:34am

Any number will be a speculative "enterprise" estimate beginning with the word "if".

The book value should be zero. 

Permalink Reply by Jacob Fewx on May 14, 2013 at 5:08am
I have 140 acres with 100% rights in WV and was offered 80k for what will probably be $5m worth of gas. If that helps you.
Permalink Reply by Kyle Nuttall on May 15, 2013 at 7:45am

Jacob - what county are you in?  I'm an attorney here in WV and try to keep a good idea of what prices are for my clients.

Permalink Reply by Zack Smith, Geologist/Appraiser on January 2, 2014 at 9:07am

Initially, the easy thing to do would be to get a broker opinion for free, but for any property transfer, estate filing, IRS application, there  is no such thing as a quick and dirty valuation - there are only a couple dozen people in the entire country who are qualified to do a competent mineral/oil/gas rights valuation.

The only two qualified companies who are active in Pennsylvania are Congdon & Company (Endicott, NY) and Resource Tech (State College, PA). For contact info for these companies you can either e-mail me or visit the website of the American Institute of Mineral Appraisers, they are the national credentialing organization for mineral appraisal.

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