Several different kinds of company will offer to buy your Indiana minerals, and they are not the same business. Some keep what they buy. Some resell it. Some never take title at all. Knowing which one is writing to you changes what the number in the letter means.
We are one of the buyers on this list, so read it with that in mind. What follows is how the categories actually differ, which we would rather explain than have you find out at closing.
Updated 2026-11-02. Written by Stephen Clayman, career landman and owner of Berlin Royalties.
There is no single best buyer, and anyone who tells you otherwise is describing themselves. The best buyer for your Indiana minerals is the one that takes title in its own name, shows you the arithmetic behind the number, closes on the number it quoted, and can be verified in the county records before you sign. The table below is how to compare the ones writing to you, including us.
| Buyer type | Takes title? | How they make money | Typical speed | Best for | Watch for |
|---|---|---|---|---|---|
| Direct buyer that holds (this is us) | Yes, recorded in its own name | The royalty, over years | 2 to 6 weeks | Owners who want one number, explained, and a closing that matches it | Small shops vary in capital; ask for proof of recent closings |
| Fund or institutional aggregator | Yes, often through an entity | Resale of the assembled package, or distributions | 4 to 12 weeks | Large interests in a core fairway | Silence below a size threshold; offers that get retraded in diligence |
| Broker | No | Commission or fee from your sale | Weeks to months | Well documented producing interests where competition is real | Your interest shopped to every buyer; fees; no obligation to close |
| Marketplace or auction | No | Listing fee, commission, or both | Fixed auction calendar | Clean, producing interests | Unsold listings become a signal; complicated title does poorly |
| Mailer operation | Sometimes, often resells | Formula offers at volume; margin on resale | Fast to offer, slow to close | Nobody in particular | The number came from a list, not from your section |
How we fit that table: Berlin Resources LLC, trading as Berlin Royalties, buys for its own account and holds, you deal with a named landman rather than a call center, our preliminary offer comes with the breakdown and holds for 7 days, and we pay the title work, document preparation, and recording. When another buyer's offer is better than ours we say so, and our page on when not to sell is the most read thing we have written.
Companies buying for their own account, taking title, and keeping the interest. Their return comes from the royalty over time, so they care about being right rather than about volume. They are usually smaller, and they can generally explain their valuation because they had to do it.
This is what we are. Berlin Resources LLC takes title in the county records and holds. You can verify that in the grantee index of any county we have bought in, which is the test we recommend running on everyone.
Private equity backed vehicles and public mineral companies assembling large positions, frequently to sell the whole package on later or to support a distribution. They can pay well for scale in core areas and are often uninterested below a size threshold. If your interest is small or outside a fairway, you may not hear back at all.
They do not buy. They market your interest to buyers and are paid from the transaction, usually as a commission. That can genuinely raise your price through competition, and it can also add a cost and a delay. Neither is hidden if you ask. The question to put in writing is simple: are you buying this yourself, or finding someone else to buy it?
Platforms that list your interest for competitive bidding, with a listing fee, a commission, or both. Good for well-documented producing interests where competition is real. Less useful for small or complicated interests, where a listing can sit unsold and the exposure itself becomes a signal.
The volume business. Buy a list, mail thousands of letters with a number on them, close whoever accepts. The number is generated from a formula applied to whatever data they purchased, not from anyone looking at your section. Some of these are legitimate companies. The economics simply depend on a proportion of owners accepting the first offer, and in Indiana you are on those lists whether you like it or not.
Before you evaluate any offer, it is worth knowing what you are entitled to without selling anything:
Statute: No royalty payment statute; IC 14-38-1-26 covers state land only. Full detail, with citations for every state, is on royalty payment laws by state.
Our buyer directory profiles named companies from public sources, in the same format for each, including our own entry. The offer checker will work out what a specific number implies about the assumptions behind it.
We have written up 11 Indiana counties in detail, each with current producing well, rig and permit counts. We buy in every county in the state, including the ones without a page.
Send us whatever you have: an offer letter, a check stub, a deed, or just a county and a family name. We will tell you what you own, what it is worth and how we got there, and whether we think you should sell at all. If someone else's offer is better than ours, we will say so. Free, and no obligation.
Get a Free Valuation Ask a LandmanRig, permit and operator counts are sourced from Enverus and current as of 2026-11-02. Berlin Royalties is the trade name of Berlin Resources LLC, a mineral buyer and a landman shop in Tulsa. We are a potential counterparty to any sale you make, which is exactly why we would rather you checked our reasoning than took our word.