what is the average sale price per acre in Tioga county when selling home? with and w/out OMG

We are relocating to NC for job and we need to decide if we sell our house with or without OMG rights.  We are 40 acres of a 530 acre gas plot with Shell in Sullivan Township.  House value of $350K a few years ago.  What is a fair price for OMG rights,  and if you were me,  would you sell or keep them?

 

thanks,

Bungy Road

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Permalink Reply by Lynn Wigglesworth on April 16, 2011 at 9:05am
I don't know if anyone would be willing to pay what OMG rights could potentially be worth. And no one really knows, as Nate says. I'd keep the OMG rights. You might try to get some kind of non-surface agreement from Shell to protect any future owner from the annoyance.
Permalink Reply by Ann Ticopa on April 16, 2011 at 10:38am
It sounds like the OP is already in a unit (40/530), so the lease is a done deal. My suggestion is to talk to several local realtors, Is it important to sell the property asap or could you wait a while? Has Shell gotten a permit(s) for the unit yet and, if so, is it/they for a single well or multiple wells? How far are the nearest gathering lines? (How close are you to getting any royalties?) Have you considered subdividing and selling the house and a few acres and keeping the rest of the land?
Permalink Reply by FXEF on April 16, 2011 at 10:43am

Bungy,

Reserve your O&G mineral rights, however be sure the reservation is done properly. You may need an experienced O&G attorney to work with the Realtor and land attorney.  

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