What your minerals are worth depends on a few things.
Producing or not.
A producing interest is valued from its actual decline and check history. A non-producing interest is about the odds and timing of future drilling. The two are weighed very differently, and which one you hold changes everything.
Where you sit in the field.
The Wattenberg core behaves differently from the edges of the DJ Basin. Offset wells, operator activity, and the stacked Niobrara and Codell benches beneath you all feed the number.
Your lease and your fraction.
The royalty rate, the deduction language, and the exact fraction you own all shape what reaches you, and therefore what the interest is worth.