Gilmore Township- Received an Offer to buy Mineral Rights

Our family owns 202 acres of mineral rights in Gilmore Township. We do not live in the area. We are being HBP In a very old lease that is now with EQT( there is no production). We have received several offers to buy the mineral rights. Just recently the offer was $4250/acre. Seems low after reading other posts in the forums. Is there any recent activity in this area? We are just close to the Rice well. Any thoughts as to what a price per acre should be at this time? Or if you think there are any new activity is happening in this area.

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Permalink Reply by Jason Cooper on October 5, 2015 at 10:43am

Hi Christine--it might be a little low but you've also got to remember you're probably under a 12.5% lease which limits the amount of royalty revenues your mineral interest will generate.  Before your lease can be unitized, EQT will likely have to approach you about amending your old lease to allow for unitization.  This might be an opportunity for you to renegotiate your royalty.  It might be a long shot, but definitely worth trying for.  That's what I'd try first anyways.  If you're intent on selling now, shoot me a PM.  I'd be happy to look into it in more detail. 

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