Well it wasn't surprising. Mineral rights went for 11,000 an acre with 15% lease. Whole farm sold together without mineral rights , it went for around $ 275,000, I was bidding on one parcel against a land agent for some company. I ran it up as far as I could. But it didn't matter the whole farm brought more than when it was divided .
No it was Oxford. Close to Millwood. I suppose the reason why it only brought 11,000 an acre is because it was a 15% lease. I guessed more.
Do you know who bought the mineral rights? Did a land agent for one oil and gas companies purchase the rights on behalf of the company?
There was another sale of mineral rights today, those as part of the Walter Frederick estate, on land near Lashley Tractor in Noble county. Those rights were leased to Eclipse with a 17.5% net royalty. Have you heard what those rights brought?
It was a land ag
Do you know how much of the acreage being auctioned was in the Karen unit? Also was it announced what the royalties per acre were? I know you had said that someone else in the unit had received $2,800 per acre per month initially. Assuming that was on a 20% royalty rate this farm's acreage should have received around $2,100 per acre (at a 15% rate).
Appreciate the updates,
None of this land was in the Karen unit, it s all in the HD McClain unit. No royalties recieved yet in this unit but it is getting ready to be connected to the pipeline. The Metheneys had a 15% lease. The Karen unit isn't far away but it is different ..
How many acres did the farm consist of?
40 acres, 3 different parcels of 22 and 15 and ,3. But they all sold together anyway cause someone literally bought the whole farm.