Oklahoma has one of the wealthiest deposits of crude oil, coal, natural gas, and nonfuel minerals. The state is also one of the leading territories in the country where people can have mineral rights. Meaning landowners can inherit mineral rights, or opt to sell it to earn more income.
However, how does one person sell mineral rights in Oklahoma? How does one get mineral rights in the first place? If they sell it, how much can they gain?
Basics of Mineral Rights
In almost any country in the world, minerals and valuable rocks, oil, and gas belong to the government. Any private organization or an individual won’t be able to harness any of these and produce them quickly. They have to get permission from the government before they can do that.
However, there are a few exceptions to the rule.
There are a few other countries in the world, such as the US, wherein mineral rights are given to people and organizations who own the land where the mineral is found. They both have mineral rights as well as surface rights.
This right is known as the “fee simple estate.”
Once you have a fee simple right, you’d be able to produce lease, sell, gift, or bequest the mineral sources to an entity or organization. That’s how you can sell mineral rights in Oklahoma.
How to Sell Mineral Rights in Oklahoma
If you want to sell your mineral rights, you can find reliable mineral buyers. There are plenty of them. You can find several services that will help you find a mineral buyer with the best price.
It’s a lot like selling a piece of artwork–you need to sell it to the one who bids the highest possible value. So you can maximize your mineral rights and its current market value in Oklahoma.
How Much Will You Get?
The value depends on what type of mineral rights you have. You may have a producing mineral right or a non-producing one. When you have a producing mineral right, you get monthly royalties for mining the resources. You can determine how much you’re getting, based on the current market value of the mineral and how much value you had an agreement with.
The price also depends on the offers you get from buyers for either selling or leasing your mineral rights.
Why Work with Services and Companies to Sell Your Rights?
It’s best to work with a company since it can help you sell your mineral rights with the highest value. They usually have a roster of mineral buyers who are looking to buy or rent mineral rights. That means what you offer is instantly shown to people who are willing to spend money to obtain it.
Additionally, you don’t need to do all the hard work. There will be papers to process. It’s not as simple as buying clothes from a boutique.
The actual value of your agreement depends on many factors, including the actual market price of the resources. Commonly, a contracting company will take a percentage of the total selling price, including the fee to their services.
Do your research well, not just about mineral rights in Oklahoma, but also about companies that you can work with.