Look, if you are just starting out with mineral rights and royalties, all of this can be hard. There is a lot to learn, unfamiliar terminology, and so many different things that you feel that you need to do now. From researching what you own, contacting oil and gas operators about producing wells that you just learned about, to going through probate, to getting YOUR estate in order for the next generation. The good thing is you don’t have to figure it out all at once. It is a journey and as I like to say, it is a marathon, not a sprint.
So today, we are speaking with a listener and fellow mineral owner, Barb Rankin, who is just starting out on her mineral rights and royalties journey. From the biggest challenges to the biggest successes, how to go about getting help and finding the right attorney, landman, or engineer, to some of the most helpful resources out there for mineral rights and royal owners. You won’t want to miss this one because even if you are a seasoned pro, there are some great resources we talk about in this episode.
This is the first in our series of interviews with other listeners of the Mineral Rights Podcast. Thanks to Barb for sharing her story so that others may benefit from it! Stay tuned as we have more amazing listener stories coming up!
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About Our Guest
Barb Rankin is a retired business and finance executive who lives in Florida and who inherited oil and gas mineral rights in Oklahoma and Texas from her mother. She has a broad business background with a specialty in finance in accounting that she’s put to use in managing her minerals and royalties like a business.
You’ll Learn:
- Barb’s background and her family’s history with the oil and gas business.
- How you came to own minerals and royalties?
- There is a side of doing this research that brings unexpected joy to many mineral rights and royalty owners. That is the collision of mineral ownership research and family history. Did you learn new things about your ancestors or family history that you would like to share?
- What was the evolution of the sentiment regarding minerals in your family? Can you talk a little about your experience with it?
- What was the first step you took to help understand what you owned?
- Was everything clear from the beginning or did you have to do some research to figure out what you needed to do?
- Did you discover any tools that were not oil and gas-related that helped to fill in gaps of information along the way?
- If you had to pick three resources to share with someone looking to learn from ground zero, what would they be?
- What has been the biggest challenge so far in your mineral rights journey?
- Have you been able to do everything on your own or have you gotten help from professionals like an attorney or landman along the way?
- Would you like to mention anyone who helped you along the way? Maybe it was an attorney or landman that went up and beyond the call of duty in helping you to understand along your journey. Feel free to skip over
- When you found out you needed help, how did you go about finding someone qualified?
- What have you learned so far and what is left to do?
- What are the next steps for you in your journey? I understand you became a member of NARO to take advantage of some of the resources there. What else are you planning?
- One of the opportunities for us today as mineral owners is to educate the next generation about the assets they will be receiving. Do you have any thoughts on simple things that could be done and would have helped to make the learning curve not so steep?
- Is there anything you’d like to mention before we wrap up?
- What is the best way for our listeners to get in touch with you should they have any additional questions?
Resources Mentioned in This Episode
Inheriting Mineral Rights
- MRP 39: Mineral Rights Inheritance
- Download a FREE copy of the full transcript of Episode 39: Mineral Rights Inheritance to use as a handy reference.
- MRP 103: How to Find Out if You Have Unclaimed Royalties
- MRP 3: How to Calculate your Net Revenue Interest in 3 Simple Steps
- MRP 103: How to Find Out if You Have Unclaimed Royalties
Performing a Title Search
- MRP 10: How to Perform a Title Search
- To help you get started with your mineral rights title search, here is a free Runsheet Template.
- OKCountyrecords.com – search for digitized public land records in Oklahoma
- TexasFile.com – search for digitized public land records in Texas
- AcreValue.com – primarily surface land related but has a map that you can use to find where your mineral tracts are located.
Finding an Attorney
- MRP 85: Probate and Marketable Title with Attorney Richard Winblad
- MRP 67: Estate Planning and Mineral Rights
Searching for Oil & Gas Data in Texas and Oklahoma
- Texas Railroad Commission Oil & Gas Data (hint: the GIS Viewer is a great way to search for information in an easy to use map interface).
- Oklahoma Corporation Commission – Oil and Gas Conservation Division
Education
- The National Association of Royalty Owners (NARO) is the only national organization representing oil & gas royalty owners interests. NARO Members get access to live events, webinars, and the amazing library of past Webinars on all topics related to minerals and royalties.
- MRP 107: NARO Executive Director Jack Fleet
- mineralrightsforum.com
How to contact Barb
Thanks for Listening!
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