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Ferrelloil Co., Llc

Discuss anything to do with property law - buying, selling property

Ferrelloil Co., Llc

Postby Umair » Thu Mar 16, 2017 2:27 am

DEAR SIR, I RECENTLY RECEIVED A LETTER FROM FERRELLOIL CO., OKLAHOMA CITY OKLAHOMA, WANTING TO BUY MINERAL ACRES THAT I OWN.  ARE THEY A LEGITIMATE COMPANY?
Umair
 
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Joined: Sat Apr 05, 2014 9:28 pm

Ferrelloil Co., Llc

Postby Audel » Tue Mar 21, 2017 12:03 am

Hello Joe.     I am aware of Ferrell Oil and believe it to be a legitimate company.  I believe the principal of the company is Charles Ferrell.  There are also many mineral buyers in Texas and you may have received other offers for your property in the past.  In my experience, these offers are not scams.  Having said that, however, you should also be aware that no one would offer to buy your property unless they thought they were going to make money on it in the future.  It's very much like receiving an offer in the mail for your car from a car dealer.  In other words, any offer that you might receive for your minerals may not reflective of its true market value.  For example, I recently received an offer of $28,000 for some minerals that I own, but I know these minerals are worth more than $50,000 because I had them appraised earlier this year.  I didn't sell.

Many people do elect to sell their minerals for various reasons though, particularly if money is tight. It might be a solution for you depending on your circumstances. You didnt mention whether you are receiving royalty income from your property.  If so, this would certainly figure in the valuation of the minerals.

You should check out the website for the National Association of Royalty Owners(Naro).  Naro has message boards where people discuss their dealings with mineral buyers and how much these buyers are paying per acre for minerals.  Perhaps you might find someting there that will help you decide whether you should sell your minerals.

Good luck and let me know if you have any other questions.  
Audel
 
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