I have found myself in a situation that I am unsure of how to deal with. Several years ago, my dad then my mom died leaving me a bit of money and all of our family land in rural Mississippi where I grew up. One of the parcels of land is about 85 acres of pasture with some timber. I have no interest in keeping this particular piece of land and have been planning to sell it. I'm a 36-year-old nonprofit director and not well-off by any means but financially stable. I don't have children, and none of my extended family members can afford to buy the land from me. I have just been paying taxes on it for the last 5 years hoping that might change, but it's not going to.
Back in May, I started getting calls from an oil and gas company wanting to lease mineral rights for 10 acres of the land. I kind of brushed it off, but they have been calling more often wanting me to sign a lease. Yesterday, a different guy contacted me to purchase the land for $2500/acre plus the mineral rights. Like this dude is ready to make a deal tomorrow for the whole 85 acres if I will sell the mineral rights with it which leads me to believe he knows something about the production potential that I don't. Regardless, selling it now and netting a quarter million give or take would absolutely change my life in a wonderful way by getting me out from under my student loans and having some breathing room after saving, but I don't "need" the money per se.
I have no idea what the potential income would be if I waited it out, nor do I know who to reach out to for help. There are 4 producing oil wells on adjacent property that are operated by the same company that contacted me with the lease proposal. Where should I even start with this? I searched but didn't find any situations with mineral rights where a sale was on the table. Appreciate ANY advice!
Submitted July 24, 2020 at 04:39PM by StRochTheCasbah https://ift.tt/39p6sdc
