How much are mineral rights worth?

Verified
Jul 30 2026

The short answer

There is no honest national price per acre for mineral rights, and this page does not publish one. What an interest is worth depends on what the specific tract produces or is expected to produce, at what price, under what royalty rate, net of what taxes. Change any one of those and the answer changes by an order of magnitude.

What can be published is the arithmetic those four inputs go into, and the federal regulation that defines each term. That is what is below, with worked examples that are tagged as examples so that nothing here can be mistaken for market data.

Checked against the sources named below on July 30, 2026.

How do you work out what a mineral interest is worth?

You build it from four inputs rather than looking it up. The value a royalty is calculated on, for oil sold under an arm's length contract on a federal lease, is the gross proceeds accruing under that contract less the transportation and processing allowances the regulations permit. The royalty owed is that value multiplied by the volume and by the lease's royalty rate, and the current federal onshore minimum royalty rate is 12.5 percent. From the resulting income, state production tax and federal income tax come out. Nothing in that chain is a market opinion: each term is defined in a regulation you can read. What no public source gives you is a price per acre, because there is no clearinghouse of what mineral acres actually sold for, so this site publishes the formula and refuses the range.

Checked against the sources named below on July 30, 2026.

Why there is no price per acre on this page

Search this question and you will get dollar ranges per acre, often with a confident spread and no source. Follow any of them back far enough and they originate with companies that buy mineral rights. That is not a scandal and it is not dishonest of them, but it does mean the number is an opening bid dressed as a market statistic, and quoting it back to you as a valuation would be doing their negotiating for them.

There is also a structural reason no honest range exists: mineral conveyances are recorded, but the consideration is very often not, and there is no public clearinghouse of what mineral acres actually sold for. So a range cannot be derived from public records the way a house price can. The gap is real, and filling it with an invented number is exactly what this site is built not to do.

The arithmetic, and the regulation that defines it

This is the part that is genuinely public. It is written for federal leases, and it is worth reading even if your interest is not federal, because it is the clearest published statement of what a royalty is actually calculated on.

Put those together and a royalty calculation has a shape. The figures below are invented to show the shape, and they are tagged as examples for that reason. Substitute your own.

Gross proceeds under the contract	$60.00 per barrel
Less permitted allowances	not read for this record
Volume attributable to your interest	100 barrels
Value the royalty is paid on	$6,000.00
Royalty rate (federal onshore minimum)	12.5%
Royalty before taxes	$750.00

The allowance line is left blank on purpose. Transportation and processing allowances reduce the value a federal royalty is paid on, they change the answer materially, and the two regulations that set them have not been read for this record. A worked example that silently treated them as zero would overstate the royalty, so the line says what it is instead.

Acres, and what a net mineral acre is

Most people asking this question start from acres, and the first step is to turn a tract and a fraction into the acres you actually own. That part is pure arithmetic with no convention in it.

Gross acres in the tract	640 acres
Your undivided mineral interest	1/8
Net mineral acres you own	80 acres

Net royalty acres are a different matter and this page does not work them. They normalise net mineral acres against a reference royalty rate, the convention for which varies in practice, and nothing has been read on it for this record. It is named in the gaps below rather than guessed at.

What "value" means when someone has to put a number on it

There is one context where a legal standard applies rather than a negotiation: valuing an interest for an estate. The standard is defined, and the definition rules out one thing people often assume is fair.

The exclusion of a forced sale price is the useful half. An offer made to someone who has just inherited an interest, does not know what it produces and has been given a deadline is not, by this standard, evidence of fair market value.

What the state takes off the top

Production tax comes out before you see the income, and it is not the same question in any two states. Fifty states are on this record and their structures are genuinely different shapes rather than different numbers in the same shape.

State	What is taxed	Rate
Alabama	Oil and gas generally, on gross value at the point of production	8%
Alabama	Any well first permitted on or after July 1, 1988	the base rate reduced by 2 percent
Alabama	Wells producing twenty five barrels of oil or less a day, or two hundred thousand cubic feet of gas or less a day	4%
Alabama	Incremental production from a qualified enhanced recovery project approved by the Oil and Gas Board	4%
Alabama	Onshore discovery wells and qualifying onshore development wells, for five years from first production	6%
Alabama	Offshore production from more than eight thousand feet below mean sea level	3.65%
Alabama	Producing leases, mineral rights in producing property and oil or gas in the ground on producing property	Exempt from ad valorem tax
Alaska	Landowner royalty interest, oil	5%
Alaska	Landowner royalty interest, gas	1.667%
Alaska	Landowner royalty where the producer got offsetting consideration	25%
Alaska	Oil, other than a landowner royalty, produced on or after January 1, 2022	35%
Alaska	Gas, other than a landowner royalty, produced on or after January 1, 2022	13%
Alaska	Floor for oil from leases north of 68 degrees North latitude	4% to 0% of gross value, by price
Alaska	Conservation and response surcharges on oil	one cent plus four cents per barrel
Arizona	Metalliferous minerals, on the net severance base	2.5%
Arkansas	Natural gas, the ordinary rate	5%
Arkansas	High-cost gas, which the statute defines by naming the Fayetteville Shale	1.5%
Arkansas	New discovery gas, from a conventional well completed as capable of producing gas	1.5%
Arkansas	Marginal gas	1.25%
Arkansas	Oil	5%
Arkansas	Oil from a well or measured group averaging ten barrels a day or less	4%
Arkansas	Brine, taxed by volume rather than value	Two dollars and forty-five cents per 1,000 barrels of 42,000 US gallons, plus 20 cents and 10 cents per 1,000 barrels for the Museum of Natural Resources Fund
Arkansas	Solid minerals, charged by the ton of 2,000 pounds	15 cents on barite, bauxite, titanium ore, manganese, zinc ore and cinnabar; 2 cents on coal, lignite and iron ore; 1.5 cents on gypsum not manufactured in state, chemical grade limestone, silica sand and dimension stone; 1 cent on crushed stone, construction sand, gravel, clay, chalk, shale and marl
Arkansas	Diamonds, salt, novaculite and anything not otherwise identified	5%
California	Oil, per barrel produced	rate set annually to fund the regulator
California	Gas, per ten thousand cubic feet produced	rate set annually to fund the regulator
California	Lithium, first twenty thousand tonnes a producer ever extracts	four hundred dollars per metric ton
California	Lithium, over twenty thousand and up to thirty thousand tonnes	six hundred dollars per metric ton
California	Lithium, above thirty thousand tonnes	eight hundred dollars per metric ton
California	Oil and gas severance or production tax	None found
Colorado	Gross income under $25,000	2%
Colorado	Gross income $25,000 and under $100,000	3%
Colorado	Gross income $100,000 and under $300,000	4%
Colorado	Gross income $300,000 and over	5%
Colorado	Stripper wells	Exempt
Colorado	Ad valorem credit, taxable year 2026	C = 0.65625 x GI x ML
Connecticut	No tax on the value or volume of production	none
Delaware	No tax on the value or volume of production	none
Florida	Oil, small well oil	5%
Florida	Oil, all other oil	8%
Florida	Oil, tertiary and mature field recovery oil, value of oil $60 and below	1%
Florida	Oil, tertiary and mature field recovery oil, value above $60 and below $80	7%
Florida	Oil, tertiary and mature field recovery oil, value $80 and above	9%
Florida	Gas, per thousand cubic feet	$0.171 base rate times an annual adjustment
Florida	Phosphate rock, per ton severed	$1.61 per ton
Florida	Heavy minerals, per ton severed	$1.34 base rate per ton times an annual adjustment
Georgia	Oil, charged by the barrel and not by value	Three cents per barrel of oil removed from the ground
Georgia	Gas, charged by volume and not by value	One cent per thousand cubic feet of gas removed from the ground
Georgia	Local option on oil, added by a county or municipality	Up to a further nine cents per barrel, if the county or municipality has passed an ordinance or resolution
Georgia	Local option on gas, added by a county or municipality	Up to a further two cents per thousand cubic feet, if the county or municipality has passed an ordinance or resolution
Hawaii	General excise tax, not a severance tax: on the sale of geothermal resources and of electricity made from them, at the producer rate	0.5%
Idaho	Mine license tax on the net value of ores mined or extracted, and on royalties received	1%
Illinois	General severance tax on oil and gas	None
Illinois	Fractured well, first 24 months from first production	3%
Illinois	Oil thereafter, under 25 barrels a day	3%
Illinois	Oil thereafter, 25 to under 50 barrels a day	4%
Illinois	Oil thereafter, 50 to under 100 barrels a day	5%
Illinois	Oil thereafter, 100 barrels a day or more	6%
Illinois	Gas, after the first 24 months	6%
Illinois	Oil from a well averaging 15 barrels a day or less over the preceding 12 months	Exempt
Indiana	Petroleum, percentage limb	1%
Indiana	Natural gas, per unit limb	3 cents per MCF
Indiana	Oil, per unit limb	24 cents per barrel
Indiana	Gas used to pump or treat its own well	Excepted
Indiana	Gas piped to a landowner's private buildings for their own use	Excepted
Iowa	No tax on the value or volume of production	none
Kansas	Oil or gas	8%
Kansas	Coal	One dollar per ton
Kansas	Oil from a lease averaging five barrels a day or less per producing well	Exempt
Kansas	Gas from a well whose average daily production is worth eighty-seven dollars a day or less	Exempt
Kansas	Gas injected for lifting, recycling or repressuring, used as lease fuel, lawfully vented or flared, or accidentally lost	Exempt
Kansas	Oil from a tertiary recovery process, or from a qualifying water flood at low volumes	Exempt
Kansas	Production from a three-year inactive well	Exempt for 10 years
Kansas	Incremental production from a production enhancement project begun on or after July 1, 1998	Exempt for 7 years
Kentucky	Coal severed or processed	4.5%
Kentucky	Natural gas	4.5%
Kentucky	All other natural resources, coal and oil excepted	4.5%
Kentucky	Crude petroleum	4.5%
Louisiana	Oil from a well completed before July 1, 2025	12.5%
Louisiana	Oil from a well completed on or after July 1, 2025	6.5%
Louisiana	Oil from an incapable well	6.25%
Louisiana	Oil from a certified stripper well	3.125%
Louisiana	Natural gas and natural gas liquids	Seven cents per thousand cubic feet, adjusted annually
Louisiana	Gas from an oil well at fifty pounds per square inch gauge or less	Three cents per thousand cubic feet
Louisiana	Gas from a gas well incapable of 250,000 cubic feet a day	One and three tenths cents per thousand cubic feet
Louisiana	Parish or other local severance tax	Forbidden
Maine	Metallic mineral mining, on gross proceeds, meaning federal gross income from mining under IRC s. 613	5%
Maryland	No tax on the value or volume of production	none
Massachusetts	No tax on the value or volume of production	none
Michigan	Oil	6.6%
Michigan	Gas	5%
Minnesota	Gross proceeds from mining, non-ferrous	0.4%
Minnesota	Annual minimum payment for a fully permitted ore and metal mine	$2,000,000 per year, prorated by month
Minnesota	Iron ore, taconite concentrates, sand, silica sand, gravel, building stone, crushed rock, limestone, granite, dimension granite, dimension stone, horticultural peat, clay and soil	Excluded
Mississippi	Oil, the ordinary rate	6%
Mississippi	Gas, the ordinary rate	6%
Mississippi	Oil or gas from a horizontally drilled well or horizontal recompletion	1.3%
Mississippi	Oil produced by enhanced recovery using carbon dioxide, or another approved enhanced recovery method	3%
Mississippi	Oil or gas from a discovery well, and from development or replacement wells drilled in connection with one	3%
Mississippi	Oil or gas from a well drilled using three-dimensional seismic	3%
Mississippi	Salt	3%
Mississippi	Oil that escaped from a well and was recovered from streams, lakes or ravines	The ordinary tax plus an additional 14% of gross value, held in escrow for twelve months
Mississippi	Gas injected for repressuring, lawfully flared, or condensed into liquids already taxed as oil	Not taxed
Missouri	No tax on the value or volume of production	none
Montana	Nonworking interest, every category of oil and of natural gas	14.8%
Montana	Working interest, first 12 months of qualifying oil or natural gas production	0.5%
Montana	Working interest, natural gas after 12 months, pre-1999 wells	14.8%
Montana	Working interest, natural gas after 12 months, post-1999 wells	9%
Montana	Working interest, oil primary recovery after 12 months, pre-1999 wells	12.5%
Montana	Working interest, oil primary recovery after 12 months, post-1999 wells	9%
Montana	Working interest, horizontally completed well, first 18 months	0.5%
Montana	Working interest, horizontally completed well after 18 months, post-1999	9%
Montana	Working interest, new or expanded secondary recovery	8.5%
Montana	Working interest, new or expanded tertiary recovery	5.8%
Montana	Any interest in production owned by the state or a local government	Exempt
Montana	Privilege and license tax plus the oil and gas natural resource distribution account	0.3% combined
Nebraska	Nonstripper oil and natural gas	3%
Nebraska	Oil from properties producing stripper oil	2%
Nebraska	Conservation charge on all oil and gas produced, saved and sold or transported	Up to 15 mills on the dollar
Nebraska	Oil and gas used in producing operations, or for repressuring or recycling	Exempt
Nebraska	Interests of the United States, Nebraska and its subdivisions, and of any Indian or Indian tribe on land under United States supervision	Exempt from the conservation charge
Nevada	Net proceeds less than 10 percent of gross proceeds	2%
Nevada	Net proceeds 10 or more but less than 18 percent of gross	2.5%
Nevada	Net proceeds 18 or more but less than 26 percent of gross	3%
Nevada	Net proceeds 26 or more but less than 34 percent of gross	3.5%
Nevada	Net proceeds 34 or more but less than 42 percent of gross	4%
Nevada	Net proceeds 42 or more but less than 50 percent of gross	4.5%
Nevada	Net proceeds 50 percent or more of gross	5%
Nevada	Royalties, whatever the paying operation's margin	5%
Nevada	Any operation whose net proceeds exceed $4,000,000 in a calendar year	5%
New Hampshire	Excavation of earth, charged by volume and not by value: two cents per cubic yard	not a percentage
New Jersey	No tax on the value or volume of production	none
New Mexico	Natural gas severed and sold	3.75%
New Mexico	Oil and other liquid hydrocarbons removed from natural gas at or near the wellhead	3.75%
New Mexico	Oil from a qualifying enhanced recovery project	1.875%
New York	No tax on the value or volume of production	none
North Carolina	Oil and condensates, on the gross price paid	5%
North Carolina	Gas, delivered to market value up to $3.00 per MCF	0.9%
North Carolina	Gas, $3.01 to $4.00 per MCF	1.9%
North Carolina	Gas, $4.01 to $5.00 per MCF	2.9%
North Carolina	Gas, $5.01 to $6.00 per MCF	3.9%
North Carolina	Gas, $6.01 to $7.00 per MCF	4.9%
North Carolina	Gas, $7.01 to $8.00 per MCF	5.9%
North Carolina	Gas, $8.01 to $9.00 per MCF	6.9%
North Carolina	Gas, $9.01 to $10.00 per MCF	7.9%
North Carolina	Gas, $10.01 per MCF and above	9%
North Carolina	Marginal gas well, at the producer's election	0.8%
North Dakota	Oil, gross production tax	5%
North Dakota	Oil, extraction tax	5%
North Dakota	Gas, gross production tax	4 cents times the annual gas base rate adjustment
Ohio	Oil	10 cents per barrel
Ohio	Natural gas	2.5 cents per thousand cubic feet
Ohio	Coal	8 cents per ton
Ohio	Salt	4 cents per ton
Ohio	Limestone or dolomite	2 cents per ton
Ohio	Sand and gravel	2 cents per ton
Ohio	Clay, sandstone or conglomerate, shale, gypsum or quartzite	1 cent per ton
Oklahoma	Oil	7%
Oklahoma	Gas	7%
Oklahoma	First 36 months of production	5%
Oklahoma	Secondary and tertiary recovery projects	Exempt
Oklahoma	Asphalt and ores bearing lead, zinc, jack and copper	0.75%
Oregon	Oil and gas, one rate, on gross value at the well	6%
Pennsylvania	No tax on the value or volume of production	none
Rhode Island	No tax on the value or volume of production	none
South Carolina	No tax on the value or volume of production	none
South Dakota	Gold, charged by the ounce and not by value	Four dollars per ounce of gold severed
South Dakota	Gold, an additional charge by the ounce that steps with the quarter's average price	A further four dollars per ounce if the quarter's average gold price is $800 or more, three dollars at $700 or more, two dollars at $600 or more, and one dollar at $500 or more
South Dakota	Precious metals, net profits from the sale	10%
South Dakota	Precious metals, the share going to an owner of a royalty, overriding royalty, profits or working interest	8%
South Dakota	Energy minerals, meaning coal, lignite, petroleum, oil, natural gas, uranium and thorium and any combination used to produce energy	4.5%
South Dakota	Energy minerals, conservation tax, which the operator may not pass on to the mineral owner	0.24%
Tennessee	Oil and gas, charged on value	3%
Tennessee	Coal, charged by the ton	One dollar per ton, on or after 1 July 2013
Tennessee	Coal, further assessment on top of the per ton tax	Four cents per ton underground, nine cents per ton from surface mining and reclamation operations
Tennessee	Sand, gravel, sandstone, chert and limestone, if the county has adopted the tax	Set by the county legislative body, capped at fifteen cents per ton
Texas	Oil	4.6%
Texas	Oil from a qualifying enhanced recovery project	2.3%
Texas	Gas	7.5%
Utah	Oil, on the first thirteen dollars a barrel of taxable value	3%
Utah	Oil, on taxable value above thirteen dollars a barrel	5%
Utah	Natural gas, on the first one dollar fifty per MCF of taxable value	3%
Utah	Natural gas, on taxable value above one dollar fifty per MCF	5%
Utah	Natural gas liquids	4%
Utah	Incremental production from an enhanced recovery project	half the rate otherwise imposed
Utah	Federal, state and tribal royalty interests	Outside the tax
Vermont	No tax on the value or volume of production	none
Virginia	State tax on the value or volume of production	None
Virginia	Gas, county or city license tax on severing	1%
Virginia	Gas, local road improvement and Coalfield Economic Development Authority tax	1%
Virginia	Gas, additional local tax	1%
Virginia	Coal, local severance license tax	1%
Virginia	Coal, local coal road improvement severance license tax	1%
Washington	Business and occupation tax on extracting, in force now	0.484%
Washington	Business and occupation tax on extracting, from 1 January 2027	0.5%
West Virginia	Natural gas or oil, general rate	5%
West Virginia	Gas wells over 60,000 cubic feet a day, oil wells over 10 barrels a day	5%
West Virginia	Wells between the volume thresholds, excluding horizontal shale wells	Reduced rate
West Virginia	Free natural gas provided to any surface owner	Exempt
West Virginia	Gas wells under 5,000 cubic feet a day, oil wells under half a barrel a day	Exempt
West Virginia	A well returned to production after five years without marketable quantities	Exempt for up to 10 years
Wisconsin	Net proceeds from $250,001 to $5,000,000	3%
Wisconsin	Net proceeds from $5,000,001 to $10,000,000	7%
Wisconsin	Net proceeds from $10,000,001 to $15,000,000	10%
Wisconsin	Net proceeds from $15,000,001 to $20,000,000	13%
Wisconsin	Net proceeds from $20,000,001 to $25,000,000	14%
Wisconsin	Net proceeds over $25,000,000	15%
Wyoming	Crude oil, lease condensate or natural gas, total	6%
Wyoming	Of which, imposed by the Wyoming constitution	1.5%
Wyoming	Of which, imposed by statute	4.5%

The shapes matter more than the numbers, and one difference changes the arithmetic at every price. Thirty-five of the fifty states on this record charge a percentage of value or of gross income on at least one of the substances they tax, so that part of the bill rises and falls with the price you are paid. Which substances those are is in the table, and it is not the same list twice: a state that taxes gas as a percentage may tax oil per unit, or not tax it at all, and at least one levies nothing at state level and lets its counties and cities do it instead. Connecticut, Delaware, Iowa, Maryland, Massachusetts, Missouri, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina and Vermont tax no production at all, charging a flat fee per well instead, so in those states a royalty owner pays no production tax that varies with what the well makes. California, Georgia and Ohio charge by the unit produced instead, so those tax bills do not move when the price does. If you are working out what an interest yields, a per-unit tax and a percentage tax diverge at every price except the one you happened to start from.

The split is not always clean within a single state either: at least one state on this record puts oil and gas on entirely different bases, taxing oil as a percentage of value and gas at a per-unit rate that is reindexed every year. So read the state, not the category. Each state's own page carries the full block, the exemptions it has been read for, and the ones it has not. Colorado's is the one to read closely if you are modelling a Colorado interest, because its credit for local ad valorem taxes is on a declining statutory schedule rather than the flat figure older guidance still quotes. The tax page covers what federal income tax then does to what is left.

Where the price half can be checked

A valuation you cannot check is a valuation you have to trust. Half of this one is checkable against a public federal series.

No figure from that series is reproduced here, only the fact that it exists and the units it is published in. Looking up the month and the state you care about is a better use of it than any number this page could freeze into place.

What this record does not answer about value

Every page here says what it does not answer yet. A reference that never names its own gaps is one you cannot check.

• What a mineral acre is worth. No dollar figure per acre appears anywhere on this site and none will until there is a public, dated, verifiable source for one. Every published range we have found originates with buyers, and a buyer's published range is a negotiating position rather than a market observation.
• Net royalty acres. Net mineral acres is unambiguous arithmetic, your undivided fraction of the tract, and it is worked as a tagged example on the how-much-are-mineral-rights-worth page rather than recorded as a fact here, because it is arithmetic rather than statute. Net royalty acres is different: it normalises net mineral acres against a reference royalty rate, the convention for that varies in practice, and no source has been read on it. It is worked nowhere on this site for that reason.
• The transportation and processing allowances at 30 C.F.R. 1206.111 and 1206.112, which reduce the value a federal royalty is paid on and therefore change the arithmetic materially.
• Valuation of oil not sold at arm's length, the gas valuation subparts, and Indian lease valuation, which is governed separately and under trust obligations.
• How a mineral interest is characterised for capital gain purposes in any particular owner's hands, and the interaction with section 1231. The statutory definition is on the record; the characterisation is not.
• How depletion is entered on Schedule E, and how a working interest differs from a royalty interest on a return.
• Any actual price. No figure from the federal price series is published here, only the fact that the series exists and in what units.
• State severance and ad valorem taxes as an input to valuation, beyond the rates themselves. Every state on this record now has its production tax rates compared side by side on the how-much-are-mineral-rights-worth page, generated from the state files. What is still not on the record is the ad valorem side: how a state assesses a mineral interest for property tax, and what that does to a valuation. Colorado's declining severance-tax credit for local ad valorem taxes is on its state page, but the underlying local assessment is not, in either state.

The What It's Worth section carries the rest of the valuation record. How the record is kept explains why a page about value contains no prices.

Questions people actually ask

How much are mineral rights worth per acre?

This site does not publish a figure, and the reason is worth more than a figure would be. Every per-acre range in circulation traces back to companies that buy mineral rights, where a published range is a negotiating position rather than a market observation, and there is no public clearinghouse of what mineral acres actually sold for from which an independent range could be derived. What decides the number for your tract is what it produces or is expected to produce, at what price, under what royalty rate, net of production and income tax. The arithmetic for that is on this page and every term in it is defined in a regulation you can read.

How is a mineral royalty actually calculated?

Value multiplied by volume multiplied by the royalty rate. The federal regulations define the value precisely for oil sold under an arm's length contract: it is the gross proceeds accruing under that contract, less the transportation and processing allowances the regulations permit. The royalty rate comes from the lease, and for federal onshore leases the statutory minimum is 12.5 percent, which was raised by the Inflation Reduction Act in 2022 and restored when that increase was repealed in July 2025. State production tax and federal income tax then come out of what you receive.

What is a net mineral acre?

It is the number of acres you actually own the minerals under, which is the gross acreage of the tract multiplied by your undivided fractional interest in the minerals. If a tract is 640 acres and you own an undivided one eighth of the minerals, you hold 80 net mineral acres. That much is arithmetic with no convention in it. Net royalty acres are different: they normalise net mineral acres against a reference royalty rate, the convention for that varies in practice, and this record has not read a source on it, so this page does not work that calculation.

Is an offer to buy my minerals a fair valuation?

Not by itself, and there is a legal standard that says so in one context. For estate purposes fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither under any compulsion and both with reasonable knowledge of the relevant facts, and the regulation states expressly that fair market value is not to be determined by a forced sale price. An unsolicited offer to someone who does not know what the interest produces, and who has been given a deadline, is missing both the informed and the uncompelled part. What an offer does reliably tell you is that someone with better data than yours thinks something near your tract is worth having.

How do I check the price used in a valuation?

Against the federal series, which is public and dated. The Energy Information Administration publishes monthly natural gas price series, by state and for the United States, in dollars per thousand cubic feet, so the price half of any valuation arithmetic can be checked rather than taken on trust. This page deliberately reproduces no figure from it, because a number frozen into a web page is stale the month after it is written and the series itself is not. The volume half is checked against the state regulator's production records, which each state page names.

Sources read

1. Electronic Code of Federal Regulations 30 C.F.R. § 1206.101(a) read July 29, 2026
2. Electronic Code of Federal Regulations 26 C.F.R. § 20.2031-1(b) read July 29, 2026
3. U.S. Energy Information Administration read July 29, 2026
4. United States Code, Office of the Law Revision Counsel 30 U.S.C. § 226 read July 29, 2026
5. United States Code, Office of the Law Revision Counsel 30 U.S.C. § 188 read July 29, 2026
6. Code of Alabama, Alabama Legislature Alabama Code § 40-20-2 read July 31, 2026
7. Alaska Statutes 2025, Alaska State Legislature AS 43.55.011 read July 31, 2026
8. A.R.S. s. 42-5202, Levy of tax read August 1, 2026
9. FindLaw Codes, Arkansas Code 26-58-111 Ark. Code Ann. § 26-58-111 read August 4, 2026
10. California Public Resources Code, California Legislative Information Cal. Pub. Res. Code § 3402 read July 31, 2026
11. Public.Law, Colorado Revised Statutes C.R.S. § 39-29-105 read July 29, 2026
12. Connecticut General Statutes, title 12, Taxation, chapter list read August 3, 2026
13. Delaware Code, title 30, Taxation, chapter list read August 3, 2026
14. Fla. Stat. ch. 211, Tax on production of oil and gas and severance of solid minerals read August 1, 2026
15. FindLaw Codes, Georgia Code 12-4-54 O.C.G.A. § 12-4-54 read August 4, 2026
16. HRS s. 182-16, Levy and assessment of general excise tax read August 2, 2026
17. Idaho Code s. 47-1201, License tax measured by one percent of the net value of ores mined read August 3, 2026
18. Illinois Compiled Statutes, Illinois General Assembly 35 ILCS 450/2-15 read July 31, 2026
19. Indiana Code, Indiana General Assembly Ind. Code § 6-8-1-8 read July 31, 2026
20. Iowa Code ch. 458A, Oil, Gas, and Other Minerals read August 1, 2026
21. Kansas Statutes Annotated, Kansas Office of Revisor of Statutes K.S.A. § 79-4217 read July 31, 2026
22. Kentucky Revised Statutes, Kentucky General Assembly Ky. Rev. Stat. § 143A.020 read July 31, 2026
23. Louisiana Revised Statutes, Louisiana State Legislature La. Rev. Stat. § 47:633 read July 31, 2026
24. 36 M.R.S. s. 2856, Amount of annual excise tax read August 3, 2026
25. Md. Code, Tax-Property s. 8-229, Separate assessment of minerals read August 3, 2026
26. Massachusetts General Laws, Part I, Title IX, Taxation and Revenue, chapter list read August 3, 2026
27. Michigan Compiled Laws, Michigan Legislature MCL 205.303(1) read July 30, 2026
28. Minnesota Statutes, Office of the Revisor of Statutes Minn. Stat. § 298.015 read August 1, 2026
29. FindLaw Codes, Mississippi Code 27-25-703 Miss. Code Ann. § 27-25-703 read August 4, 2026
30. RSMo s. 259.220, Taxation of mineral rights read August 3, 2026
31. Montana Code Annotated, Montana Legislative Services read July 30, 2026
32. Nebraska Revised Statutes, Nebraska Legislature Neb. Rev. Stat. § 57-703 read July 31, 2026
33. NRS 362.140, Rate of tax upon net proceeds read August 1, 2026
34. RSA 72-B:1, Excavation Tax and Taxation of Excavation Area read August 3, 2026
35. FindLaw Codes, New Jersey Statutes 13:1M-2 N.J.S.A. §§ 13:1M-1 to 13:1M-18 read end to end, with §§ 54:4-1 and 54:4-23 read August 4, 2026
36. FindLaw Codes N.M. Stat. Ann. § 7-29-4(A) read July 30, 2026
37. The Laws of New York, New York State Senate N.Y. Envtl. Conserv. Law § 23-1903 read July 31, 2026
38. N.C. Gen. Stat. ch. 105, Article 5I, Severance Tax read August 2, 2026
39. North Dakota Century Code, North Dakota Legislative Branch N.D.C.C. §§ 57-51-02 and 57-51-02.2 read July 30, 2026
40. Ohio Revised Code, Ohio Legislative Service Commission R.C. 5749.02(A) read July 30, 2026
41. Oklahoma Statutes, Oklahoma State Legislature 68 O.S. § 1001(B) read July 30, 2026
42. ORS ch. 324, Oil and Gas Tax read August 2, 2026
43. Pennsylvania General Assembly, consolidated statutes 58 Pa.C.S. ch. 23 read July 30, 2026
44. R.I. Gen. Laws, title 44, Taxation, chapter list read August 3, 2026
45. S.C. Code ch. 48-20, South Carolina Mining Act, section list read August 3, 2026
46. SDCL 10-39A-1, Severance tax imposed on energy minerals--Rate read August 4, 2026
47. FindLaw Codes, Tennessee Code 60-1-301 T.C.A. § 60-1-301 read August 4, 2026
48. Texas Constitution and Statutes, Texas Legislative Council Tex. Tax Code § 202.052(a) read July 30, 2026
49. Utah Code, Utah State Legislature Utah Code § 59-5-102 read July 31, 2026
50. 32 V.S.A. ch. 236, Tax on Gains from the Sale or Exchange of Land, read whole read August 3, 2026
51. Code of Virginia, Virginia General Assembly Va. Code § 58.1-3712 read July 31, 2026
52. RCW 82.04.230, Tax upon extractors read August 1, 2026
53. West Virginia Code, West Virginia Legislature W. Va. Code § 11-13A-3a read July 31, 2026
54. Wis. Stat. s. 70.375, Net proceeds occupation tax on persons extracting metalliferous minerals read August 1, 2026
55. Wyoming Statutes, Wyoming Legislature Wyo. Stat. § 39-14-204 read July 31, 2026