Burke County, ND - Oil & Gas Discussion

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Comment by B Volney on May 1, 2012 at 9:54pm

Stryder, I too would not tell you not to sell, My parents had minerals for decades, minerals that had dreams attached, they watched and hoped for the better part of my life, they were seeing a little action when my mother passed. My father continued the experience and saw yet more developements before he passed. And now I find myself holding the bag, I personally would never sell, they will have to pry the minerals from my cold fingers and give them to my children.  That is what I would want, that is what my parents would have expected.   Brian...

Comment by r w kennedy on May 1, 2012 at 8:57pm

When the building is burning people will sell the contents cheap, even after the fire they will sell things cheap because they probably aren't secure or protected from  the elements. It's just an expression. I would consider any unsolicited offer to be at "fire sale price" because it's probably half or less than what you could get for the minerals, at least all the unsolicited offers I have received have been lowball. It's good that you had a recent lease, you don't have to worry about the dormant minerals act. On the NDIC Oil and Gas site the use of the GIS server map is free and shows active wells, wells in the process of drilling and permits. It could be very helpful to you. 

Comment by stryder762 on May 1, 2012 at 8:10pm

r w,

Thanks for your info.  As of today there is a producing well about 7 miles from my area.  I did not yet find out how much they have produced, but will continue to look.  We also had a well on the land years ago but it was dry, I found it listed on the NDIC website.  It did have a 4 year lease but it expired some months ago, and we have not heard any other word on new leases yet.  I'm also not so sure about the number or permits around my area.  

What do you mean by fire sale prices?   

Comment by r w kennedy on May 1, 2012 at 6:59pm

Stryder, I would want to know if there were any producing wells close to my acres and how much they produced before I thought of selling. Have you current contact information on file in the county recorders office ? Have you ever received a lease offer ? Are you leased now ? I tell people 1 to 3 times a week that they have a well that they didn't know they had. Are you sure you don't have a well ? Have you looked up your acres on the NDIC Oil& Gas Division website GIS map server ? Close wells ? Alot of permits ? The best offer I have seen someone get lately for unleased acreage looked like about 3 years royalty if they had a well as good as in the spacing next to them, the rest of the offers were not as good. Alot of companies out there offering to buy at fire sale prices, frequently for less than you would make in royalty for 1 year not counting lease bonus. I won't tell you not to sell. I will tell you to find out as best you can exactly what your acres could be worth to you and when you know what they could be worth to you, realize that you will get less than that amount because whoever buys your acres will expect to make a very nice profit off them. If  there are wells around your acres and you need some help finding out production, you can post your legal description or send it to me in a friend request. I am not a landman nor do I buy minerals. I have resources to help me with my 10 wells and I like to see other mineral owners get a fair shake.

Comment by stryder762 on May 1, 2012 at 5:17pm

Hello all.   I own some acreage of mineral rights in Burke County and just wanted to know what the consensus is here on the message board in regards to selling mineral rights, also everyone's take on the present and future drilling situation and how that should factor into my decision to sell or to keep.  Obviously I'm new to all this as a lot of you were, and just some general knowledge from everyone would be very helpful.  As I wait for a reply I'll do as much homework as possible so I'm not too out of the loop on things.  Thanks in advance! 

Comment by Cara Simmons on January 12, 2012 at 10:40pm

Ok, yes I see the little rig on the website map.  Thanks a bunch!

Comment by r w kennedy on January 12, 2012 at 4:36pm

T I called Brigham and the phone just rang, but they have gone through some changes since Statoil bought them out. EOG Resources # should be 877- 363-3647, ask for the land dept or a referral to their lease agent. If you try resources, oil, gas along with the names of the company you are wanting to contact, you probably won't end up at say Brigham University. Susan reminded me of another contact to try and that would be Great Northern. I have had offers from them and they seemed to like participating in someone elses well. Don't forget Empire oil company 800-774-2845. I think you can get the rest with a little more effort.

Comment by T Starkweather on January 11, 2012 at 1:50pm

Having recently found the MRF I realize there are lots of avenues to pursue. Thanks have already gone out to R.W. and Andy since Monday.

Like any new person, trying to find information quickly isn't easy. It's time consuming so those with knowledge? It is greatly appreciated. All of this said, I am trying to find some logical spot to go to that will identify how to come across 1 or a dozen landmen that represent all the various Bakken Shale Companies. I have access only to the person who took time to send a letter with lease options to my home address.

Performing a search in google is being met with little success. My question then is..can anyone suggest spots to go to find landmen representing companies whether EOG, Hess, Continental, Brigham, etc? It is difficult to know what can be negotiated without having a person to contact.

Comment by r w kennedy on January 7, 2012 at 10:47pm

Cara, mineral owners don't "Know" when wells are going to be drilled or fracked/ compleated. There are people who watch rigs and keep abreast of lease expirations. Oil companies are supposed to keep the state informed on rig movements and I believe that you can find information on movements on the NDIC site. As I have no way of affecting these movements, I simply look at the GIS survey map for rig icons in areas I'm interested in. If you have an NDRIN recorders network subscription you could look at many leases in a particular spacing, determine when a majority of them will expire for the operator with the greatest interest and get an idea of when they would really like to have that spacing drilled by. These days it probably costs millions to lease a spacing not counting landman and documentary  expenses. Operators don't want to have to lease a spacing again as prices and royalty expectation has risen a great deal in the last 3 to 5 years.

Comment by Cara Simmons on January 5, 2012 at 10:06pm

How do you know the schedule of the wells?

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