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Updated over 7 years ago, 09/05/2017
What can I do with my mineral interest?
I'm looking for advice on how best to utilize my inherited mineral interest in a 2,000 acre tract of land in WV. The land was once oil-producing and I believe it has shale deposits now.
My question is, how can I put this interest to use for me? Shop it around as collateral for real estate investments? Try to sell my interest? Pay a lawyer to unify the family's now-divided interest and sell it as one unit? Is any of this realistic? I'm not well-versed in mineral rights.
The ownership of the mineral interest is now divided among 23 people in my extended family and a nearby university. Our family has 7/40 ownership and the university was gifted the other 33/40. Recently, the university put their interest up as collateral for a $35m bank line of credit to expand the campus. So, it's gotta be worth something, right?
I'm kicking myself for not paying more attention in my oil and gas law class! Any ideas on what I should do would be greatly appreciated.
Thanks!