Every tract is underwritten individually
There is no universal formula for what a mineral interest is worth. Two tracts on opposite sides of the same section line can price very differently depending on who the operator is, how the wells are performing, what the lease terms look like, and whether there's future development coming. We don't publish a rate card or a formula because neither would be honest — the answer on your specific property depends on your specific property.
What we do promise is that a real person does the work on every tract we make an offer on. We fund what we buy with our own capital and we hold what we buy, which means we only write an offer we're willing to stand behind.
What we care about
- Production history.If there are wells on the tract, how are they actually performing and how does that compare to what we'd expect from the formation and vintage.
- Operator quality.Who's holding the lease, what their pay history looks like, and whether they have the balance sheet and the program to keep developing the area.
- Title and encumbrances.Whether the chain is clean, whether there's a probate or heirship issue that needs curative work, and whether there are any outstanding liens or claims.
- Lease terms. Royalty rate, post- production cost language, depth restrictions, and whether the lease is held by production or about to expire.
- Basin and location. Where the tract sits within the play, how much inventory is left around it, and whether operators are still drilling the area.
- Future development.Permitted locations, spacing, and the operator's apparent plans for the area.
What we don't do
- We don't use fixed multiples.Rules of thumb ignore well quality, commodity prices, and operator risk. We won't start from one and we won't send one.
- We don't charge fees, commissions, or closing costs. Our offer is the number that arrives in your account at closing.
- We don't resell to a third party. We buy with our own capital and hold what we buy.
- We don't use automated “instant offer” tools. A person underwrites every tract we make an offer on.
FAQ
Will you share the exact formula behind your offer?
Every tract is underwritten individually and we don't work from a published formula. What we will do is walk you through the specific factors we weighed on your property when we send the offer — production history, operator and title quality, the formation, and whatever else moved the number — so you understand how we got there. If you think we have something wrong, tell us what you see and we'll revisit it.
Do you use a one-size-fits-all multiple?
No. We don't work from a fixed multiple of monthly royalty income or anything similar. Rules of thumb ignore commodity prices, well quality, operator risk, and development potential — they're anchors, not valuations. Every offer we send is underwritten to your specific property.
Do you pay more for tracts held by well-known operators?
Operator quality matters because it affects both the timing and the reliability of future cash flows. We pay up for tracts held by operators with strong payment histories, consistent development programs, and the ability to execute. Tracts held by operators with payment disputes, marginal production history, or unclear development plans are worth less to us.
Will you pay for non-producing minerals?
In the right basin, yes. Non-producing minerals in active, core areas carry real option value that we're willing to pay for. Non-producing minerals in areas without near-term development activity are harder to value — we'll still make an offer, but it will reflect the genuine uncertainty around whether development happens.
Can I push back on an offer I think is low?
Yes — and you should if you have a reason to. Tell us what you're seeing that we might have missed: a recent permit, a better-than-projected well, a title matter we didn't catch, comparable sales nearby. We'll rework the number if the new information changes what the tract is worth to us.