Replies to This Discussion

Permalink Reply by Tim Tarr on May 17, 2015 at 12:58pm

OK it works like this
I'll assume it's grandparents that had full ownership and heirs got even amounts
So Grandparents had 5 Kids and left each an equal amount.
So that's 20% each. Now if your patents also had 5 heirs that's now 4%(20/5) for you. If your Aunt/uncle had only 2 heirs they would be 10% (20%/2)each. If you Aunt/Uncle had no heirs their 20% would go to remaing siblings. So 5% to your parents (1% for you) so you get total of 5%. (4%+1%) Your cousins with 1 sibling would get 12.5% (10+(5/2)). Hope that helps.

Permalink Reply by Nancy Mosley on May 17, 2015 at 2:05pm

Let's say the great grandmother had 5 children, A, B, C, D, and E. A had one child, who had only one child. That would be the one offered the $2000, for 1/5 (20%) interest of 5 acres, or 1 net acre.

B had 2 children, the parent of Mr. Mason and the aunt of Mr. Mason. Mr. Mason's parent had 4 children, and the aunt had 7. They all share 1/5 (20%) interest of 5 acres, or 1 net acre. Mr. Mason and his siblings each get 1/4 of half of that 1/5, or 1/40 of 5 acres or 1/8 or 0.125%, and the aunt's 7 children share half of that 1/5, or for each 1/7 of 1/10, or 1/70 of 5 acres , 1/14 = 0.01429 or $143. So far the figures make sense.

Child C, D, and E we don't know about. Perhaps they are currently unlocatable, but the company plans to keep looking. Perhaps they died with no heirs and no wills. Probably that would mean that their 3/5 interest would be divided among the remaining heirs of A and B in a similar way. Or perhaps they died with no children but wills, and left everything to some charity. Or something. So there is not enough information to determine.

I think it is a fair question to ask the landman about those other 3 children, but there is not enough evidence to say that the known heirs are going to get more of this. It would be illegal for the company just to keep the 3/5 interest for itself, so they have to do something to figure this out.

Permalink Reply by Terry Mason on May 17, 2015 at 2:11pm

Don't add to the info, there are no parents or grandparents alive. My great grandfather has 12 heirs alive. 4 in my line, 7 are cousins in my line. #12 is my great grandfathers daughters heir.

No parents or grandparents to worry about.

My grandfather had 5 kids, 3 died without any heirs, my mom has 2 heirs, me and my brother. My aunt has 2 heirs, my 2 cousins.

My grandfather's sister has the 7 heirs.

My great great aunt has one heir.

That is where I get only 12 heirs.

Permalink Reply by Jack Young on May 17, 2015 at 2:25pm

Remember - everyone has an heir. If you leave no direct descendants your share goes to others in the family, assuming there's no will. If there is a will, then anything can happen. Property titles don't follow bloodlines automatically. Until you look at every will from your great-grandparents on down, you can't really be sure who ended up with what.

Permalink Reply by Nancy Mosley on May 17, 2015 at 2:29pm

Sounds like your grandfather and his sister had an aunt (the one whose heir gets the $2000, or 1/5 interest). Your grandfather and his sister share a 1/5 interest, another $2000.

Sounds like your great great grandparents (the parents of your grandfather and aunt's parent, and of that great great aunt) must also have 3 more children, and it is that interest that you have not been told about.

You could ask the landman about it. It has to go somewhere.

Permalink Reply by Terry Mason on May 17, 2015 at 2:42pm

Thanks to all who have replied. I just have a problem allowing heirs in my line all 11, to sign a lease agreement for 5 acres and get paid for only one acre. If the landman isn't ready to make a fair offer, then just leave us alone. I am just advising everyone this is how BB Land operates, beware of what you sign!! I can afford to wait for a fair offer.

Permalink Reply by Nancy Mosley on May 17, 2015 at 2:56pm

Yes at $2000 an acre that is not a good offer no matter how many acres.

Permalink Reply by William Dotson on November 7, 2015 at 11:40am

$2,000 an acre signing bonus is a very good offer. And yes it is per net acre. However, they will usually go for a minimum of $500/lessee.

Permalink Reply by Terry Mason on November 7, 2015 at 11:44am

Maybe a good offer to you!! You can have it!! I told the land man a flat "No". they decided to not drill on my property. I know of only one heir in my line that signed.