Force Majeure Impacting Mineral Owners
Have you received a letter from an oil and gas operator requesting a Cessation of Production Waiver or a notice of an operators need to shut in wells due to Force Majeure? This article is going to help you understand what these two types of notices are and what they may mean to you.
The global pandemic caused by COVID-19 has many mineral and royalty owners concerned about the impact of Coronavirus on their royalty income. With governments around the world declaring states of emergencies due to the pandemic, the oil market has seen a drastic drop in the price of crude oil and a significant decrease in the demand for it. As a result, many operators are shutting in their wells until things change. Here are the two most common types of letters we are seeing from operators and the impact to a mineral and royalty owner:
Last Updated on May 17, 2024, by Garrett Phelan
Garrett Phelan
CEO of US Mineral Exchange with over 26 years of experience in the oil and gas industry and nearly two decades spent helping clients navigate the complexities of the mineral rights industry.
Force Majeure Clauses
Force Majeure – According to Legal Information Institute, Force Majeure is a contract provision that frees parties from obligation to each other if an extraordinary event prevents either party of an Agreement, in this case the Oil and Gas Lease Agreement, from performing. The event must be unforeseeable and unavoidable.
Royalty owners are beginning to receive letters from operators citing force majeure as a reason operators need to stop production on wells. In short, the operator is putting mineral and royalty owners on notice that they should not expect to receive any more royalty checks until the situation improves.
But what is Force Majeure? In most force majeure cases, the operators are telling mineral and royalty owners that they are no longer able to sell their oil. With most of the world in some form of a lockdown or stay at home order, no one driving and no one flying, demand for oil (gasoline, diesel fuel, jet fuel etc…) has come to a screeching halt. The result is a huge amount of oil flooding a market with a limited amount of room to store it.
What normally happens when a barrel of oil is produced from the ground is it is sold at the well by the operator to a purchaser of oil. A purchaser of oil is different than an operator in that the purchaser is solely in the business of buying crude oil. They have nothing to do with drilling for oil or how the oil comes out of the ground. The purchaser is only interested in buying the oil after it leaves the ground. Once a purchaser buys oil from the operator, they will then move the crude oil by either truck or by pipeline to a refinery where the crude oil is then refined into various products like gasoline, diesel fuel, and jet fuel for consumer use.
However, with the global shutdowns and no demand for fuel, the oil storage tanks are getting full and as a result, the purchaser is telling the operator who generates your royalty income, they can no longer buy the oil. They have no more room to hold any more oil. If no one is willing or able to buy the oil from the operator, the operator must stop pulling the oil out of the ground and as a result, no income is generated from the sale of oil and no income can be paid out to royalty owners any longer.
Cessation of Production Clauses
Cessation of Production – We are also seeing letters from operators invoking Cessation of Production clauses. Cessation is defined a temporary or final ceasing of an action. Normally, a Cessation of Production is final in the oil and gas industry. An example would be when an oil and gas well no longer generates enough revenue to cover the costs to operate it. If it costs more to operate the well than the revenue it generates, an operator will no longer produce the well. The operator will then “shut in the well” and the lease will expire, leaving a mineral owner the option to lease the mineral rights again at some point in the future. However, when there is only a temporary cessation of production, the owner may not lease the mineral rights to anyone else. They simply stop receiving income until the operator starts producing the well again. Some common examples of this are when the operator shuts in a well temporarily to rework it in the hopes of generating more oil or gas in the future. The operator may also shut in a well temporarily to fix a problem that is keeping the well from functioning as it should. These improvements or repairs are usually 120 days or less and avoid the termination of the lease. The operator is entitled to a reasonable time to make repairs and get the well going again.
With that said, the Cessation of Production letters going out related to Covid-19 are new territory. In some ways, they are related to the above force majeure clause in that the operator is telling mineral and royalty owners that they need to shut in the wells temporarily, but for reasons outside of their control and for what may be a longer period of time than normal. Shutting in production across the country for a pandemic is a first and for this reason, how Cessation of Production is interpreted by the courts in each state will be something to watch.
Until then, if you receive a letter from an operator invoking either force majeure or another form of Cessation of Production, there are a couple of options:
-You could simply wait it out in the hopes that sooner rather than later, the Covid-19 situation begins to settle, oil demand picks back up and crude oil prices rise significantly. At some point in the future this will happen and when it does you can then expect operators to begin producing again and paying royalty owners again.
-You could provide your lease agreement to an attorney and have them review your rights as it relates to this pandemic. Whether or not the Coronavirus excuses performance of an oil and gas lease agreement is likely something that has yet to fully be decided, but seeking counsel is always an option a mineral and royalty owner has.
Selling your Mineral Rights in uncertain times?
The current situation with the Coronavirus, lack of global commodity demand, force majeure clauses and letters of Cessation of Production are certainly creating challenges for mineral and royalty owners. As a mineral and royalty owner, you may have received one of these letters and are wondering how long you will be without income. Especially if you rely on that income to make ends meet or have recently lost employment. You may just be tired of having to deal with all this and looking to sell. If selling is your goal, it is critical now more than ever, that you work with a trusted partner. A partner that can connect you with thousands of qualified mineral buyers, work to get you the highest market price available and walk you through the sales and closing process from start to finish.
If you are considering selling your mineral rights or looking for more information on how you can get the most given the current situation, please fill out the contact form below.
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Gary Hall
02:36 03 Dec 24
US Minerals Exchange were the perfect partner help me sell my mineral rights. Living outside US, I needed a bit of extra explanation and handholding. Everything went very smoothly, and the bidding process worked to my interest. Garrett is a consummate professional, and I highly recommend him for any mineral rights transaction!read more
William Ward
20:40 02 Dec 24
I started receiving offers for my mineral rights earlier this year and for the first time, I started to consider selling. I had no idea if the offers that I received were from reputable companies or if the offer was a good one. I reached out to US Mineral Exchange and started working with Garrett. Garrett's communication with me was prompt and very informative. He ensured that I received the highest possible offer for my mineral rights and that I had all of the required information to make the best decision possible. I knew that Garrett was looking out for my best interests and he quickly gained my trust. I would highly recommend US Mineral Exchange if you are considering selling your mineral rights!read more
Liz A.
18:51 30 Nov 24
After searching the internet for information on mineral rights property valuation, I found a company that acts as a broker for listing your property to all interested mineral buyers in the country. For years I received offers about selling my property. I had no way to know if an offer was indeed the best offer? US Mineral Exchange listed my property. They found a buyer that met and exceeded my price. I am very satisfied with my sale and highly recommend their service if you are looking to sell your rights.read more
Delisa Deavenport
20:58 22 Nov 24
Choosing the right broker was a decision we approached with great care. We conducted extensive research on brokers, read reviews, and sought advice from our banker and mineral rights lawyer—both of whom have significant experience working with brokers. From the start, Garrett Phelan stood out as a man of the highest integrity and values. It was truly refreshing to do business with someone who genuinely had our best interests at heart. Working with Garrett Phelan at US Mineral Exchange was an absolute pleasure.
Garrett provided invaluable strategic guidance on timing and skillfully addressed our family's concerns, as this was an inheritance with many opinions involved. He kept us reassured and calm during the more stressful moments and navigated every challenge with confidence and professionalism. Garrett approached each roadblock thoughtfully, presenting the pros and cons objectively without ever pressuring us to make a decision. His transparency and leadership built an incredible level of trust.
If you are thinking of selling your mineral rights, consider having a conversation with Garrett. His advice is thorough and reliable, and his expertise and integrity make a remarkable difference. If you choose to go forward, Garrett is the perfect partner as a broker. Thank you, Garrett, for your outstanding service!read more
Zerika Smith
16:42 22 Oct 24
Garrett was great throughout the entire process. He kept me in the loop the entire process and was very knowledgeable of the market. Also was willing to address any questions and concerns I had this was my first time during this type of sell/purchase. I will definitely use his services again if I am in a similar situation.read more
Simon Slight
18:33 14 Oct 24
My father-in-law inherited mineral rights in Texas that were largely incomprehensible to us. Over the years, he received many offers from a variety of companies to sell his mineral rights, some of which seemed to be for paltry amounts, whereas one or two were for more substantial sums. Consequently, we had no idea what his rights might be worth and knew that we would be totally out of our depth if we attempted to negotiate a sale ourselves. After searching online, I came across US Mineral Exchange, and we decided to seek their advice. From our first contact with their representative, Terra, we were put at ease and made to feel that we were dealing with professionals who really understood this complex business. Terra explained many of the complexities of mineral rights to us and helped us navigate the sale. She always kept us fully informed about potential bids and educated us about matters such as title searches etc. Once my father-in-law accepted a bid, and title was established, the closing went very smoothly and quickly. We were delighted with the sale amount, and we are very happy that we sought the professional expertise of US Mineral Exchange.read more
Susan Cook
19:13 10 Oct 24
First time on the US Mineral Exchange and it was a home run! Although I had received several written offers to buy my Mineral rights, I didn’t know if the offers were “fair market value”. I decided my best option was use the US Mineral Exchange instead, because there is a larger mineral buyer network from all over the country which drives up prices. I listed with the US Mineral Exchange for 30 days but received 4-5 offers within just a few days well above the top written offers I had previously received in the mail or email. In fact the company with the best written offer tried their best to convince me to accept their offer, rather than going to the US Mineral Exchange. I’m so glad I declined and chose to use the US Mineral Exchange instead, because I closed in about 2 weeks and received almost DOUBLE the amount I would have received had I accepted the written offer. I am a firm believer in the many benefits of listing with the US Mineral Exchange!read more
Larry Deavenport
21:40 04 Oct 24
I highly recommend US Mineral exchange as a broker for your mineral assets. Garrett and his team were able to get us above market value for my mineral rights.He made the transition process from the beginning to the end simple for us to follow. Thank You Garrett!read more
Teresa Hull
15:39 21 Jun 24
We recently sold our mineral acres through U.S. Mineral Exchange. We had an offer from the current lease holders, but wanted to see if others might be interested. Garrett was very professional and communicative throughout the process. His knowledge of this industry is extensive. We sold for about 40% more than the offer we had received after several offers came in. We couldn't be happier with Garrett and U.S. Mineral Exchange.read more
Paul Graff
14:22 26 Jul 23
Working with Garrett was truly a pleasure. I had read reviews before I used U.S.Mineral Exchange because I am always leary of the business world these days. But just after talking to him a couple of minutes I felt his honesty and sincerity. I didn't post on Google because I don't want to be connected to Google but this is an honest review.if I was going to buy or sell mineral rights in the future I wouldn't hesitate to call Garrett for he's good at his job and it's like working with a friend.read more
David Baker
13:40 24 Jul 23
My wife and I just completed the sale of an inherited mineral interest in Texas. We had absolutely no clue how to initiate the process, ensure a fair market value sale, and most importantly find a trustworthy advisor to assist us. We really lucked out in finding Garrett Phelan and the US Mineral Exchange. Garrett was always available to talk us through the process each step of the way from the very initial phase of seeking buyers all the way to our closing on the sale. At first, we were naturally skeptical given our inexperience. Garrett was always there to answer questions and spent extra time validating our natural concerns but provided the confidence to help us navigate each step. Our transaction was seamless and worked out exactly how Garrett had explained from the very first call we had with him. Oh and might I add, we received a substantially higher sale price than any direct mail/direct call offer we continually received over the years. We cannot recommend Garrett and USME enough and are thankful we had him in our corner to make the dream of selling the interest into a reality. Thank you Garrett and USME!read more
Ava Farber
14:44 25 Jun 23
In an industry rife with con men, I cannot recommend the honesty and integrity of Garrett at US Mineral Exchange enough!
I inherited mineral rights 30 years ago. When I’d considered selling in the past, the refrain has always been- “Don’t sell! Never sell!” Since I became a mother however, the desire for a solid nest egg for myself and my child (that isn’t subject to the whims of a very volatile industry) became increasingly important. It’s a big, and personal choice, but for myself, I have zero doubt that selling and having a more diverse investment portfolio was the best decision I could’ve made.
Before Garrett, I had received several offers in the mail, and phone calls from various buyers who seemed legit and ‘salt of the earth’ type of people.
***WORD TO THE WISE***
Most of these guys have zero intention of honoring the amount they offer you! “Flipping” your rights seems to be common practice here. What they do is offer you a high amount and then come back and claim there are issues with the title work etc and offer you significantly less. But you can’t do anything about it because you’ve already signed the deed. They then turn around and sell your rights to another buyer for a much higher price. Don’t fall for this gag!
Thankfully I reached out to a trusted mineral rights lawyer based out of Texas, Aimee Hess. (Side note- If you need an incredible lawyer, she’s your gal! I also asked her, in addition to Garrett, to look over any and all contracts before signing anything.) When I reached out, Aimee told me other clients of hers had been very happy with their experience with Garrett at US Mineral Exchange, adding, “He really has the seller’s best interests at heart.”
I couldn’t be happier with the decision to go with USME. It was worth every penny of the commission to know I was protected, dealing with a straightforward person, and getting the most possible for my rights. He got me nearly double even seemingly legit previous offers. I’m beyond pleased! Everything moved along smoothly and efficiently. He explained the whole process, and answered all of my many questions with patience and clarity.
Garrett at US Mineral Exchange is honest. He is straightforward. He’s knowledgeable. He’s connected. He’s reputable. He’s pleasant. And he’s effective. It’s a no brainer to go with these guys.read more
K Taylor
23:24 15 Jun 23
US Mineral Exchange, and Garrett Phelan in particular, did an excellent job of selling our holding. He was patient, informative, and responsive. He was able to obtain a much better offer than I had negotiated on my own. He smoothly handled all aspects of the transition. This is definitely the way to go.read more
Shelton Bivins
17:48 09 Jun 23
US Mineral Exchange helped me to sell royalties. Garrett walked me through the entire process from start to finish. If I ever had a question it was answered right away. I am so happy I was able to get things done right, and for the right amount. If I ever sell again I will be calling upon US Mineral Exchangeread more
Jan Nachlinger
15:31 07 Jun 23
We recently engaged US Mineral Exchange to help us sell our oil royalties and found them to be very professional, highly knowledgeable, and able to find a perfect buyer in short order. Initially, we attempted to sell our royalties on our own, but went with US Mineral Exchange when they freely responded to our many questions about the sale process and explained how they could help. Indeed, they found several potential buyers willing to pay more than we found on our own. They were easy to work with, responded quickly to our communications, and effectively closed the transaction in a short timeframe. We highly recommend engaging their services and would like to especially commend Garrett Phelan for his professional work.read more
Denise Bennett
19:51 18 May 23
Garrett took time to explain not only the details of the sale but also helped me understand mineral rights in general. I feel confident that Garrett went above and beyond to obtain the best sale price possible. My experience with US Mineral Exchange was very positive and I would recommend contacting them if you are considering selling your mineral rights.read more
Crystal Candyfire
15:09 16 May 23
I'm so glad I listed with U.S. Mineral Exchange to sell my mineral rights. Garrett was very professional and knowledgeable about buying and selling minerals. He helped me throughout the whole process from start to finish of selling them. With his guidance I sold my rights for way more than any previous offers. So if you want to get the most out of your mineral rights in the quickest time possible 100 % recommend U.S. Mineral Exchange.read more
Cassie Croissant
03:57 14 Jan 23
My experience with US Mineral Exchange was a pleasant one, and I'd recommend them for selling mineral rights. Garret was very helpful and informative before, during, and even after the sale was complete. Terra was also very pleasant. Never did I feel pressured or uneasy, even when I was a bit slow with the notary requirements. It was nice to feel confident that I was making the right decision by using US Mineral Exchange.read more
J F Hill
18:38 06 Nov 22
I recommend U. S. Minerals if you want or need to sell Mineral Rights. The decision to sell and how to sell is not easy. Taxes, possible future income, duration, possible future activity may not be definable. We have received multiple unsolicited offers for several years. Some low and some high, which only complicated the decision. U. S. Minerals has a good web site that can help your knowledge. Garrett with U. S. Minerals patiently explained the process of how they list and answered several questions for a couple of weeks. Once a commitment to sell was made Garrett continued to guide us through the process of clarifying the title with the buyer. Commitment to sell to funds in the bank was 3 ½ weeks. We believe we received a reasonable price for our rights.read more
Susan Castillo
19:24 02 Nov 22
I inherited mineral rights and really didn't know what they were worth or how to sell them. I received occasional offers from private companies to buy them, but was concerned that they might be worth more. I'm so glad that I listed my mineral rights with the US Mineral Exchange. Terra was great! She walked me through the whole process and communicated with me with email updates. Within 2 weeks, I sold my rights for two and a half times my previous offer and the money was in the bank the very next day!read more
Cal Wayman
22:12 21 Oct 22
Garrett Phelan was great to deal with. He was professional, responsive, knowledgeable, and dug more deeply into my mineral interests than any of the dozen other buyers who are trying to make bids. The whole process went very smoothly and even more quickly than he promised. He will be my first phone call when I next sell other interests.read more
Sarah Armour
02:15 03 Oct 22
I don’t know where to begin. My experience with Garrett at the Mineral Exchange was stellar. I went into the process as a total layman from the east coast. He explained the whole process, and was so kind and patient throughout. He never made any moves without consulting with me and getting my input. We ended up getting and offer for 75% more than the listed/appraisal price. His guidance and gentle demeanor was so reassuring. I wouldn’t hesitate to ever do business with him in the future. I cannot recommend them enough!read more
Cynthia
19:45 01 Sep 22
Definitely 5 stars for Garrett and his team! This was definitely the smoothest & fastest transaction we ever had! They keep in touch on a regular basis and let you know what is happening! A big thank you to Garrett & US mineral Exchange!
Laura B
15:58 24 Aug 22
Garrett was great to work with. Communication was timely and helpful throughout the process. We ended up with a significantly larger amount for our minerals by using this service. I highly recommend US Mineral Exchange if you are interested in selling. Thank you again!read more
Liz Monroe
07:44 15 Jul 22
Garrett explained in detail everything I needed to know, had updates all along the way, and answered every question I had! Everything went great and as expected. Good work!
Ken Parker
13:16 29 Jun 22
I used US Mineral Exchange to sell my mineral rights, and found the process to be far easier than I expected. The folks there answered all of my questions about how to value my holdings, and I was able to get a fair price. I recommend them to anyone wanting to sell their mineral holdings.read more
Eric Dupré
16:41 13 May 22
Not knowing where to go to determine the value of my mineral rights, I reached out to US Mineral Exchange. Garrett was very helpful in determining that the offer I had received was a fair offer prior to my reaching out. After reviewing US Mineral Exchange and having good conversations with Garrett, I listed my mineral rights though them. I was able to secure an offer roughly 23% higher than my previous offer. The closing was seamless as well as the funds transfer. I highly recommend US Mineral Exchange if you are looking to sell.read more
Brent Ray
04:30 03 May 22
I consider myself very fortunate to have teamed up with Terra at US Mineral Exchange. Terra is the definition of over delivering in every aspect of the sale. From forecasting every detail, answering every concern ( no matter how ridiculous) negotiating and finalizing the sale. Terra made a complex process an amazing experience and I would highly recommend US Mineral Exchange to anyone.....Brent R.read more
Andrea Eggers
17:05 28 Apr 22
Receiving countless offers in the mail to buy my minerals was confusing. Not knowing who to trust, I searched for some ally to help me with the process. My first phone visit with Garrett at US Mineral Exchange put me at ease, and I knew that I'd found that ally. The entire process was pleasurable and exceeded my exceptions at every turn. I was kept in the loop and never had to inquire what was happening. My hesitations to trust anyone wanting to buy my minerals melted away with the expertise of a company that has done this so many times before. I highly encourage anyone wanting to sell their minerals to reach out to US Mineral Exchange.read more
John Rhett
15:08 26 Apr 22
I inherited some oil and gas royalties from my mother. I truly had no idea what to do with them until I received an unsolicited offer to buy them. I had a pretty good idea that the offer was probably not the best I could expect. In doing my research on both the company and the person, I selected Garrett Phelan at US Mineral Exchange. Garrett walked me though the process and was confident that we could get a "substantially better offer". His assessment was correct and we had multiple offers in a very short period of time. My recommendation is to hire competent professionals, like Garrett, to guide you through the process.read more
Michael Zane Trusty
02:35 19 Apr 22
Working with US Mineral Exchange was a great experience for our church, Garrett walked us through the entire process which made it easy because we had never sold minerals before. Garrett was able to close and have our money in no time. I would highly recommend US Mineral Exchange who made our search and transaction all so easy and painless. Thank you again !read more
Avis Kimball
22:42 01 Apr 22
Garrett and Terra were easy to work with. They made the offering efficient, and led us smoothly through the process to closing, and I'm pretty sure they got us the best price for our mineral rights. Thank you!
Bill McLaughlin
23:34 29 Mar 22
I highly recommend working with US Mineral Exchange if you are considering selling your mineral interests. Terra was professional and communicative throughout the entire process. Her due diligence uncovered other interests we had in the area. After posting and reaching out to possible parties of interest; we had numerous offers. We made almost $15K over the last broker's blind offer (an offer made before we knew about UME). Thank you again for your patience and assistance.read more
Lenore Shisler
17:44 17 Mar 22
I can't overstate how helpful Terra was in providing the information and assistance that I needed at each step of the selling process. The US Mineral Exchange website has also been the best source of educational information I've found.
Kelly Hamann
16:18 10 Mar 22
What can I say, professional from start to end. Garrett and Terra were amazing, I inherited a property , new nothing about the oil business, had other business opportunities I was hoping to purse . They walked me thru the whole process and was with me from start to end, even when Garrett took personal time off, he got ahold of me multiple times during the day. I would highly recommend , they got me way more than I was expecting in price. Thank yall so muchread more
Exa Rief
01:48 26 Feb 22
USME helped me get a fantastic price for my mineral rights. Terra Castagna and Garrett Phelan walked me through the gathering of information, kept me apprised of everything that was going on and what was needed from me to close the deal. It was a pleasure to work with them and I would definitely recommend them and USME to anyone interested in selling their mineral rights.read more
W Tucker
22:39 30 Jan 22
Garrett was incredible. I would never have gotten as much for my royalties or maneuvered the maze without Garrett. I would highly recommend US Mineral Exchange if you're considering selling your royalties.
Mineral Seller
02:53 29 Jan 22
Best idea ever! Don't waste your time considering offers in the mail from other buyers. Be sure to use US Mineral Exchange because it works! Legitimate buyers and fair offers! US Mineral Exchange is the best and Garrett rocks! And not just saying that because I sold, it's because it really works. Your mineral rights are worth more than you think. Even if it is a tiny interest.read more
Eric Moses
19:59 13 Jan 22
U.S. Mineral Exchange had several offers for me within a week of listing. Their process was straight forward, and they were very professional and knowledgeable. We had a couple minor hiccups with logistics during the closing process, but Garrett handled the situation well, and we got everything worked out. Overall, I was very happy with my experience and would recommend this group to friends and family for the sale of your oil & gas interests.read more
Rory Carrigan
15:00 24 Nov 21
We would highly recommend USME. A great resource for anyone looking to sell their mineral interests. We had over 40 Texas properties in five counties to sell. The whole process was fair and fastI Garrett Phela was a great facilitator. He was very pleasant, professional and knowledgeable. He stayed on top of the sale every step of the way. He kept us informed of every aspect of the sale. Could not have been easier. What a pleasant experience with great results. We would definitely use them again but will never have to!read more
Valerie Hoffman
19:26 21 Oct 21
I'm so glad I found mineral exchange. I recieved $8,000 more than the original offer I recieved. Very fast process and Tara is very responsive and helpful.
Nick Winebrenner
19:54 07 Sep 21
Excellent experience while divesting our mineral interest via US Mineral Exchange. The people at US Mineral Exchange were very professional, knowledgeable, communicative and easy to work with during the entire process. Should the situation ever arise, we would welcome working with this group again.
Winebrenner & Associates, LLCread more
Kenneth Wilcher
00:43 26 Jul 21
In an industry with so much legaleese and loop holes and being a small fish in a large ocean it was so refreshing to deal with US Mineral Exchange. They are very knowledgeable and delivered on their promise of finding us a better deal, and quickly I might add. We had an offer prior to dealing with US Mineral Exchange and thought it was a good deal until we learned better through US Mineral Exchange. They made the process very easy and Terra answered every question I had (and I had plenty) but never once did she make me feel uneducated on the subject although I was. I can't say enough good things about our experience and would suggest using them to anyone who is interested in selling their mineral rights.read more
Ceci Westmoreland
16:57 23 Jul 21
US Mineral Exchange made selling my mineral interest so smooth and easy. They are very professional and offer top notch expertise in helping the seller get his/her best offer.
Alice Machovsky
22:43 15 Jul 21
Terra at US Mineral Exchange made the selling process a breeze. She was a pleasure to work with and kept me informed of every aspect of the sale. I had no idea where to start. I contacted them and very timely was contacted by Terra and the sale was fair and fast. Just what I was looking for. An awesome company with awesome employees that know their business.read more
Stephen Smith
10:53 13 Jun 21
Dealing with the US Mineral Exchange was great. Garrett Phelan was very pleasant and if you need an ally on your side looking out for your interested that will take the time to help you understand your position, this is the group to do it. I didn't once feel hurried or pressured. What a pleasant group to deal with. Thank you.read more
Mark Burgin
21:18 05 May 21
I highly recommend U.S. Mineral Exchange. I didn't know anything about mineral rights when I first discovered that I needed to sell mineral rights owned by my uncle. Based on all the positive reviews, I decided to start with U.S. Mineral Exchange. Working with Garrett, the whole process was expertly and quickly facilitated. I am very pleased with the results.read more
wolfdass
21:22 01 Apr 21
Great firm to work with. Efficient, fair, and quick to respond. Highly recommend to help maximize the value of their minerals.
Roger Peugh
17:56 31 Mar 21
I would highly recommend both USME and their excellent employee,Terra Castagna, as a great resource for anyone looking to determine the value of their mineral interests on the open market. My experience in dealing with them was that they were very professional and of high integrity, which creates a trust relationship that is invaluable. If the opportunity arises, I would definitely not hesitate to use them again!read more
Mark Peugh
17:15 31 Mar 21
US Mineral Exchange did an excellent job in helping with the mineral rights and deeds to make sure we were happy with the process in getting what we wanted from our minerals.
God has truly blessed this company because the people who work there really do care about people and they want to solve the needs people are seeking help from them.
I would recommend " US Mineral Exchange "to anyone who is seeking to sell their minerals for top dollar or to buy minerals such as oil leases to increase production for our needs for energy independence in the United States of America!read more
Marc Payne
21:00 19 Feb 21
I needed to sell my mineral rights to pay off a debt, and the people at US Mineral Exchange made that possible. Everyone I spoke with and emailed was very knowledgeable and professional, and they helped me every step of the way. They were also very patient with me, which I appreciate. The final sale price seemed fair, and was certainly more than I could have gotten if I had tried to do this myself.read more
Robert Broome
20:30 26 Nov 20
We had a super experience working with Terra on the sale of our mineral rights. She was very patient with us and explained everything very clearly, which was helpful since we had no experience in this area, and she never talked down to us depite our ignorance. She was also professional in that she paid attention to every detail, down to indicating the paper size that was required for printing our documents! She kept us informed at every step of the process. She clearly knows her field well and made suggestions that allowed us to receive an excellent price for our rights. I would highly recommend using USME for any sale you are considering.read more
Wayne Copes
17:23 11 Nov 20
My aging mother-in-law needed to sell some mineral rights in Oklahoma and Kansas. I was the family member "appointed" to find a buyer(s). I knew NOTHING about energy or mineral rights. However, I "stumbled" onto the US Mineral Exchange website and connected with their rep Terra Castagna. Terra patiently explained their process for getting rights evaluated and sold. The value of our rights did not meet the threshold for their usual sales, but Terra offered to make our rights known to potential buyers of smaller positions. In a very short time several buyers expressed interest and we quickly reached an agreement with one who was willing to buy both rights. We could not be happier with the service provided by US Mineral Exchange, and in particular, with Terra Costagna, and would unreservedly endorse their services.read more
David Tusa
17:38 23 Oct 20
Overall excellent experience. Very professional and responsive staff. They are experts at the minerals business and the process reflected such. The transaction was completed in less than a week and we netted much higher proceeds than we expected. Highly recommended.read more
Linda Baldwin
15:04 17 Jul 20
Selling oil and mineral rights is not a common practice, or at least not for us. We went from "how on earth will we do this and do it right" to a very successful sale in record time. I am so happy that we found US Mineral Exchange. From the first phone call they were professional, answered all of my questions, and walked me through every step of the process with calm professionalism, and brought a price exceeding our expectations. From a seller's perspective, it could not have gone better! I wholeheartedly recommend US Mineral Exchange and gladly serve as a reference.read more
Beau Bostick
19:07 15 Jul 20
Great company just be careful who you sell to Iron Horse royalty out of Austin Texas and Garrett Merket very dishonest company. But after learning he was connected with a politician . I am not surprised
Bryan Austin
18:13 13 Jul 20
Terra was amazing in assisting me in selling my late fathers royalties. She answered all of my questions and made the process smooth as butter! Thank you!
Nicole Garcia
20:48 12 Jun 20
I contacted US Mineral Exchange in hopes to sell my families old mineral rights. Though the claims were too small for their business to sell they had great information for me and my situation. Highly recommend this company!
David Johnsen
18:06 08 May 20
US Mineral has been very helpful, leading us through all the steps in selling two different royalties. We gave them plenty of problems to work us through and they were always more than helpful and kind.
Donna Ware
18:02 23 Apr 20
My husband William Ware acquired Mineral Rights through his late Grandmother. We worked with Terra at US Mineral Exchange to begin the decisions to sell our rights. She responded to every question, even ones that to her were probably silly, she did it professionally and with kindness. When it came time to decide if we wanted to take the offer we received from a buyer, she didn't pressure us but gave us educated advise. I can't recommend this company enough!read more
Charles Clark
17:49 18 Mar 20
To Tara Castagna:
Thank you very much for helping me thru the selling process of my mineral rights. Your excellent customer service and attention to detail made the process very easy. Your research of the history and records of my rights was extremely helpful in completing this project. Again, thank you for the very professional service. Conley Lawread more
John Parkhurst
20:01 16 Mar 20
I used US Mineral Exchange to sell my mineral rights in Colorado. I dealt with Terra and she was a real champ at follow-up and advise. She was extremely friendly and responsive to any questions I had. I highly recommend any individual that is considering selling their rights would be well satisfied for their customer service, experience, and guidance. My experience was totally hassle free. I highly recommend their service!read more
John Parkhurst
20:01 16 Mar 20
I used US Mineral Exchange to sell my mineral rights in Colorado. I dealt with Terra and she was a real champ at follow-up and advise. She was extremely friendly and responsive to any questions I had. I highly recommend any individual that is considering selling their rights would be well satisfied for their customer service, experience, and guidance. My experience was totally hassle free. I highly recommend their service!read more
Kenneth Wick
18:34 16 Mar 20
I obtained minerals through an inheritance and I knew they were in a area of interest. I contacted and listed with US Mineral Exchange. The good folks at USME found a buyer and the process of selling my minerals was done professionally and without a hitch. The support from Terra and Garrett was most kind and helpful throughout the entire process. I will gladly recommend their services.read more
Pearson Ferguson
16:58 03 Mar 20
Great people. Smooth process. Quick closing. Highly recommend. US Mineral Exchange also got me a fair value when other companies were trying to lowball me. I will use them again if the need ever arises.
Jack Roberts
16:49 21 Dec 19
I inherited mineral rights that have been in the family for decades. I enjoyed the monthly income but remained mostly ignorant of the whole oil/gas industry. Out of the blue I got an unsolicited offer to buy them which seemed an attractive option I had never looked into. I immediately ended up "down the rabbit hole" of how confusing this would be. In my on-line search for information I found US Mineral Exchange. After careful evaluation of the whole situation I engaged them as my broker, to list my minerals for sale. They helped me settle on a buyer, and they negotiated a purchase agreement that protected my interests better than I ever could have done on my own. During all the complicated and uncertain parts of closing the deal, I felt assured that Garrett and Eric and Terra were looking out for me and keeping me informed of the progress. The deal is now closed, the money is in the bank! I'm confident I got top dollar for my minerals, and having experienced industry professionals on my side kept me from worrying through the entire process. I am so glad I hired US Mineral Exchange.read more
Duane Cole
22:00 20 Dec 19
After some research on how to sell the family mineral rights in North Dakota I was impressed with the US Mineral Exchange website. An initial contact with Terra got me started gathering documents to use to post the sale on the website. About one week after posting, Garrett suggested we request a best and final offer. Within a couple of days I had a final offer and we completed the deal, after exchanging paperwork, which took a couple more days. The service was fast, excellent and beyond my expectations. We received more for the rights than an offer I had received and more than I had expected. Terra and Garrett at the US Mineral Exchange were great at walking me through the process, answering my questions, and guiding me through the paperwork. I would recommend the US Mineral Exchange to anyone who is interested in selling their mineral rights.read more
Darrin Turpin
02:50 29 Sep 19
Eric and Garrett were phenomenal in walking my family and I through the process of selling our mineral rights and essentially made it an effortless and painless experience. Whenever I had a question, they were quick to respond, very informative, and were both well above expectations in regard to their professionalism.
I walked in to this process (even after extensive research) with an unsettling feeling not knowing much about how mineral rights were valued, how complicated or not the process of selling was from start to finish, and whether or not I was taking the right approach. Needless to say, my experience with them and the US Mineral Exchange before, during, and after the process alleviated that unsettling feeling swiftly.
To anyone who is uncertain about this process as I was, rest assured that there are great safeguards in place through the US Mineral Exchange to protect you, your mineral rights, and is completely risk, and obligation free to pursue. This process is much easier and efficient in comparison to dealing with letters and phone calls from buyers on a case by case basis which can be tedious, stressful, and raises too many questions. The first obviously was "Is this the most I can get for my mineral rights?". This process through the US Mineral Exchange drives competition from many potential buyers which will maximize and define true value. I ended up selling my rights for 163% more than the highest offer letter I received over the course of the last 10 years.
In conclusion, any potentiial seller who is even a tad curious, you have nothing to lose and everything to gain, and the best part is, it didn't cost one cent out of my pocket to sell or inquire about selling. Thank you Eric and Garrett for making this experience great, and effortless.read more
Jarrod Turpin
01:00 28 Sep 19
The process for selling my mineral rights through US Mineral Exchange was quick and easy. My representative Garrett Phelan guided me throughout the whole process and kept me well informed all the way until closing. He got me a better price than initially thought I would get on the exchange. I would highly recommend this company for anyone looking to sell their mineral rights at the best price.read more
Matthew Rigdon
18:08 02 Aug 19
US Mineral was able to get a better offer for my mineral rights and took care of all the paperwork. I appreciated their detailed instructions along the way and going above and beyond to get the deal closed on time.
Jessica Parker Valentine
20:38 24 Jul 19
Terra and her colleagues walked me through the process to sell my mineral rights, so that I was completely understanding of every step and very comfortable with my decision to put my rights into auction. We fetched a much higher amount than my highest previous offer, so I was thrilled I made the decision to work with them.read more
Sherry Nylander
18:34 18 Jul 19
After receiving an unsolicited offer to buy our inherited mineral rights in North Dakota, we turned to US Mineral Exchange for help. Garrett and Terra provided professional and helpful advice. After we listed we received an offer greater than we expected. Garrett walked us through the process to accept the offer and finalize/close the sale, which went without a hitch and quicker than we expected. We highly recommend US Mineral Exchange for selling mineral rights.read more
Mary Gray
20:12 14 Jun 19
My husband and I have had many purchases of mineral from U.S. Mineral Exchange. We have had many transactions with Garret and he has always been very professional. We have never had an issue with U.S. Mineral Exchange. They are very trustworthy and always above board. Their staff is always professional and they give excellent customer service. Our most recent business deal was in selling some mineral rights and had the pleasure of working with Terra. Terra was every bit as professional as Garret and followed through with great integrity. We highly recommend U.S. Mineral Exchange to anyone looking to buy or sell minerals for any dollar amount. We are looking forward to doing more business in the future with U.S. Mineral Exchange. They truly are the best in this business..
Very pleased clients,
Dan & Mary Grayread more
Melody Ilk
14:05 09 Jun 19
Garrett was wonderful to work with over the course of our sale. He communicated clearly and consistently with us through every step of the way. Because of this, it was a simple process and easy to complete.
Jeff Youtz
13:33 06 Jun 19
U.S. Mineral Exchange was a terrific team to work with in selling our mineral rights. Garrett Phelan was very professional, kept us informed every step of the way and made the whole process run quickly and smoothly. I would highly recommend U.S. Mineral Exchange for anyone contemplating the sales of their mineral rights.read more
ROBERT WEBB
02:22 05 Jun 19
I was treated very well . It was a long drawn out process because of probate issues and they helped me through the process . They found a buyer who stuck with me for a year while we went through all the probate issues. I got the price I wanted. I highly recommend Garrett, he is a no nonsense professional.read more
Lois Steinberg
15:45 01 Jun 19
I contacted US Mineral Exchange to help me sell mineral rights that I inherited. Their team was very professional and expedited completion of the transaction. If you are interested in selling your mineral rights, I highly recommend US Mineral Exchange.read more
Richard Colegrove
17:49 17 May 19
We tried selling our mineral rights on our own had nothing but empty promises. Contacted US Mineral Exchange and a month later we sold for more than what was offered before and closed quickly. I can't say enough good things about our experience and we are completely satisfied. Don't learn the hard way, use US MIneral Exchange first!read more
Nancy Hakemack
18:36 10 Apr 19
I loved the constant contact throughout. They explain the whole process of selling minerals and help you with every step along the way. Very knowledgeable of their job. Worked with us to get a fair price for our minerals. Would not go any where else.read more
Matt Howard
03:08 02 Apr 19
I was referred to them by my father. They were very helpful, as I don't know a lot about mineral rights and that sort of thing, but they were patient, answered all of my questions, and helped me get a great value. I was impressed by how well everything went. They broke everything down for me and I am very happy I chose to use them to sell my mineral rights.read more
James Grandon
23:11 21 Mar 19
USME was just wonderful to work with. They were honest, forthright, and the consummate professionals. They helped me to get a great price and kept me updated through the whole process of selling my oil interests. They were very patient with me and my many phone calls and other communications. Good and pleasant folks at USME, and I had the feeling all along the way that they really cared and worked hard for me. To say I am happy with them is an understatement.read more
Randy Boaz
16:37 06 Mar 19
USME orchestrated the sale of our family mineral rights. We already had a pretty high offer, but they were able to find us a buyer willing to pay even more, after a short auction (less than a week). That buyer also uses their business to help military veterans. So, it was a good deal for both sides.read more
Chris Hauge
20:42 21 Feb 19
Garrett and everyone at US Minerals is the only place to go. They explain the whole process of selling minerals and help you with every step along the way. Very kind, caring and knowledgeable of their job. Got us a very good price for our minerals. Would not go any where else. If you are thinking about selling give them a call!!!!read more
Vickie Spradlin
17:26 03 Dec 18
I had mineral rights in Oklahoma but live in Texas and had no idea how to go about selling them. I came across US Mineral Exchange and haven't looked back. The two gentleman I worked with Eric and Garrett were great! They were professional, personable and guided me through the entire process and got me a really good prices. Can't thank the enough!!read more
Tania Williams
19:55 29 Nov 18
Terra & Garrett were great. I mostly worked with Terra via e-mail. I did talk to both of them once on the phone but our transaction was a little trail tracking with the property going back to 1925 it was a lot of connecting the dots.
We worked together to get the deal done & fairly quickly even with a few extra steps.
Thank you again Terra & Garrett.read more
showsie
19:24 06 Nov 18
This was my first time using us mineral exchange and I highly recommend their services! They are attentive, always return phone calls & emails and are most definitely professionals in their field! Plus you get a fair market price for your acres.read more
Robert Hill
00:34 27 Oct 18
Garrett and Eric were great to work with and found a buyer above my asking price. They made the sales transaction very smooth and easy. Their instructions for the closing process were very detailed and easy to follow. I would certainly recomend their services,to anyone.read more
Alyce Nunn
03:18 24 Oct 18
This process was so easy. The gentlemen at US Mineral Exchange were very helpful. If something came up, they were knowledgeable and quick to respond. From beginning to end all my questions were answered and my mind set at ease. I couldn't be happier with the entire experience. Thank you US Mineral Exchange!read more
Janet Opitz
18:22 01 Oct 18
My experience with U.S. Mineral Exchange was excellent. Garrett was wonderful to work with. He was very professional and answered any questions that I had. I inherited some mineral rights and was not sure what to expect, but the bidding process went smooth on my end and I feel that Garrett did an excellent job making sure that I got a good price. I highly recommend anyone thinking or wanting to sell their mineral rights to get in contact with U.S. Mineral Exchange.
Janet Opitzread more
honey keyes
23:05 14 Aug 18
Years ago I inherited Mineral Rights---but that's all I knew! Had NO idea what they really were or how to determine their value! I'd received lots of unsolicited offers with a variety of purchase amounts over the years. When I finally decided to sell my Rights, I had NO CLUE how best to help myself in this process! Research kept pointing me to US Mineral Exchange---and it was the smartest call I could have made!! Garrett, my agent, was professional, patient, informative, prompt, insisted I feel No Pressure and that I understood all Final Decisions with regard to their sale were mine alone. He "walked next to me" from Start to Sale! If you, too, don't know what your Oil, Gas or Mineral rights can mean for you in that market place, contact USME and get educated! Guaranteed---you won't regret it!! I had an all-around EXCELLENT experience! Thanks, Garrett.read more
Jackie Hinerman
18:50 20 Jul 18
Had a great experience with US Mineral. Listed the mineral rights and received an offer within a week. Offer was higher than previous offers from other companies. Closing transaction went smoothly and was fast. Rep was very knowledgeable and responded to my questions promptly.read more
Christy Thompson
16:49 14 Jun 18
We had inherited property when my Mom passed and honestly we didn't know what to do with it. We were getting paid $17.00 in royalties a year and paying $398. in taxes. So my brothers and I decided to sell. So I did a lot of Googling and found US Mineral Exchange, I liked that they were local, same state as me. I filled out their questionnaire and sent it off and in less than 45 minutes I got a phone call from a person not some computer and such. Now I have to say that the people at US Mineral Exchange were so helpful and patient with explaining what paperwork I needed to find and how to get titles straightened out, and when there was a blip they were very nice on helping me learn what was needed to be done to smooth things out. So in my opinion if you have some mineral rights and would like to sell them contact Jeff at the US Mineral Exchange . Like I said very knowledgeable, helpful, quick in returning emails or phone calls and worked hard to get us the best price. All around a very good experience I would highly recommend them.read more
Lula West
01:24 08 Jun 18
Eric and Garrett were very professional and answered all my questions along the way, even on a holiday weekend, which made it very smooth and stress free for us.They not only got us more than we expected for our mineral rights, but they also understood that we were hoping to get the transaction completed in a short amount of time. They not only did this, but got it done even sooner than we had hoped, and the funds into our account in a very quick manner. We are nearing retirement and I have had health issues recently, so decided to move forward on buying the travel trailer we dreamed of having when we retired. Selling our mineral rights made that dream come true for us, and Eric and Garrett helped us achieve that goal without worry. The trailer we had our eye on, the Airstream Nest, just came out last month and we had a vacation planned at the end of this month. By getting the funds from our sale in a timely manner, we were able to get the one the dealer had coming off the assembly line in time to take on vacation with us! Otherwise it would have been at least a 6 week wait. Our dream of owning an Airstream is coming true! We are so grateful to Eric and Garrett for their superb service! I highly recommend using US Mineral Exchange!read more
Gary Knowls
20:56 04 May 18
We had been considering selling a portion of our gas royalties and after several offers (and they were all over the place) I knew I needed help to make a good decision.
After a good deal of research, I found US Mineral Exchange.
Eric provided detailed information about what to expect and Garrett led me through the whole process keeping informed and addressing any concerns I had as they popped up.
I could not imagine that I there is a better outfit and a more customer focused group in the business.
THANK YOUread more
Patrice B
23:24 01 May 18
It was a pleasant experience doing business with US Exchange.
Both Eric Winegar and later, Garrett Phelan were patient with me and my questions.
They are truly professional, and knowledgeable.
I am from California and I had some mineral acreage in Texas I wanted to sell. But I had zero experience in this sort of thing, i.e how to advertise, how to approach my target audience; I didn't even know what the true value of my property was. Through the years of my owning the property, I had offers to buy it, ranging from $300 to $1400 per acre.
I found US Mineral Exchange from my google search.
I was impressed with the positive reviews, and was greatly reassured after talking with Eric.
It took less than 4 months for my property to get sold.
The Company did all the leg work for me, including screening for the best offers.
Because the commission the Company gets comes from the buyer, not the seller, people like me are assured that whatever final figures that are arrived at, are the best.read more
Donna MscDonald
14:57 26 Apr 18
My sister and I recently inherited mineral rights. Frankly, we had no idea what they were or where to go for help if we wanted to sell them. I was very worried our ignorance on the subject would put us at a real disadvantage.
I found information about the US Mineral Exchange on a royalty owners website. Jeff educated, counseled and guided us through every step. He was always responsive within 24 hours, taking the time to explain current market trends that might affect our decisions. I asked a million questions and got detailed responses - sometimes more than once...or twice...or as many times as I needed in order to understand. Jeff was patient and thorough. At every turn I felt confident we knew our options. We could not have asked for better representation and guidance. I always felt we were as much a priority as their biggest client.
In the end, we sold 35 of our 100+ mineral acres, and I am convinced that there was no other place we could have received the kind of comprehensive, expert service we did at the Mineral Exchange. It is with absolutely no reservation that I recommend them to everyone - knowledgeable or not - who is looking for help selling minerals. And, the best part is...we did not pay anything out of pocket for their expert attention. We kept 100% of the selling price!
I am convinced my sister and I received the best possible representation, plus…we had the bonus of working with the most knowledgeable and pleasant people on the planet - my "friends" at the US Mineral Exchange.read more
Scott Westover
18:42 23 Mar 18
Eric and Garrett were both a pleasure to work with and very responsive. They were not pushy and in my experience were truly working in everyone's best interest. They made the process of selling my parents oil and gas interest an easy and painless process. I would highly recommend working with them.read more
Suzanne Magee
21:45 02 Mar 18
They made selling a portion of my mineral interests easy, and got me more money than I was offered on my own. Very responsive to my questions.
deanna gay
07:31 27 Dec 17
My aunt and myself owned mineral shares on adjacent parcels of land in Eddy county, New Mexico. We both received offers in the mail to purchase those rights. After contacting one of those companies, my aunt and I both experienced high pressure sales pitches. My aunt ended up selling her mineral rights to one of these companies. I did some research on the internet, and contacted the US Mineral Exchange. I received more than 6 times the amount per acre my aunt received. She was bullied and harassed and intimidated into selling her rights. My experience with the mineral exchange could not have been more different. After listing, offers came in quickly, and were relayed to me without any high pressure sales or suggestion that I must act quickly or lose the opportunity. Contact with Eric from the US Mineral Exchange was always pleasant, he was polite and supportive, and provided information which helped me make my decision to sell without feeling pressured. I could not be more pleased, and only wish my aunt had known about it in time to benefit. I highly, highly recommend the service. Once the sale was complete and documents filed, payment was promptly and securely relayed to my bank. There was no cost to me, no high pressure sales, and I received so much more money for my mineral rights. Thank you, thank you, thank you. sincerely, Deanna Brown of Utah.read more
Theresa Phillips
15:42 01 Dec 17
Had a wonderful selling experience! Eric Winegar was Professional, knowledgeable and courteous. Kept me updated throughout the process. Would recommend mineral interest owners/buyers to choose U S Mineral Exchange. Five Stars!!!
Scott P'Pool
15:38 01 Nov 17
Eric with US Mineral Exchange was exceptional to work with during my transaction. He was knowledgeable, helpful, and patient with my questions. The resulting payout I received was more than double of what I was able to find on my own. I am extremely glad that I reached out to the US Mineral Exchange. Scottread more
Oneta Hammans
14:41 26 Oct 17
Our experience with US Mineral Exchange was very positive. Eric W. worked with us from start to finish and was always available to us to explain the process and answer questions.The process for selling my mineral rights took a little longer than some, but Eric was always available to explain the glitches to me. Eric always conducted the business affairs with the greatest professionalism and integrity. I would highly recommend US Mineral Exchange to anyone wanting to sell their minerals.read more