Can anyone help me determine fair leasing parameters for this area.
Thank You.
Larry, i have shares of rights in T136n R98W in sections 22,26, and 27, as well as a super tiny share of quarter in T135N R99W section 34. Have been contacted by Eagle Oil and Gas out of Dallas. Accept my friends request please.
I have browsed this forum quitely for the past year and know little about all of this, but here is my 2 cents. I'm sure there are more people who could give a better answer.
I own rights in T135 R98. Not a whole lot has been going on in these areas as we are pretty South of most activity. With the Tyler Formation gaining some interest, I suspect some leases will be happening, though I wouldn't expect any great offers as we are not in a proven area. There are two sides of this. I imagine a first lease offer will maybe be around $50 to $100 p/acre, 1/16, 5 years. You could try to negotiate for more, but without any decently producing wells, don't aim too high. You could also wait out for other people to lease and hope that they hit a good well near you so that you could negotiate a higher lease. However, if nothing hits near you, you may not be able to lease at all. Either way, it's a risk. Just make sure you are well informed before jumping on an offer. Speaking for myself, I have not been contacted as of yet.
Chris and Larry,
The offer i received was $400 per acre and 1/6th royalty 3yrs plus 2yr option at $400 per acre again. After my dad found out about this he contacted actual neighbors who have signed for $200 per acre.
Justin Olson
More than I had imagined a lease would be in our areas. Then again, as I said, I don't know a whole lot. =)
That seems like a very good offer. I could only hope to have that in my mail sometime soon. As far as arranging for anything else, I'm not at all an authority on that.
Hey all. Thanks for the input. i was told that I should hold out for 600.00/mineral acre and 17.5%. So it looks like my source was in the ball park.
Justin, did their offer include T135-R99 property?
Justin T Olson said:
Chris and Larry,
The offer i received was $400 per acre and 1/6th royalty 3yrs plus 2yr option at $400 per acre again. After my dad found out about this he contacted actual neighbors who have signed for $200 per acre.
Justin Olson
I'm not sure if I am any help at all because I am brand new to this and my head is swimming trying to figure it all out. My Mother, Aunt, and Uncle have mineral rights to acerage in Terry County and have been offered $300 per acre at 22.5% royalty for 3 yrs. I don't have the sections and all the exact details yet but I am trying to assist my mother in understanding the information that is being given by their lawyer before the contract is signed. The company is Pioneer Natural Resources, and I know they are big after viewing their website. I don't know what to even compare the lease offer to. What county/ are all of you in? Does anybody have any clue about the company or Terry County, or if the offer sounds reasonable? I appreciate any help!
Thanks,
Craig
We are in Slope County ND- Craig. They were not interested in township 135-h. anderson
Justin
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This is from the recent state auction, where they auction off the states half...they always keep half...
Slope |
|||||||||||||||
| OG1100108 | 135 | 98 | 16 | NE4 | 160 | JAMES D GRIFFIN | $280.00 | ||||||||
| OG1100109 | 135 | 98 | 16 | NW4 | 80 | JAMES D GRIFFIN | $280.00 | ||||||||
| OG1100110 | 135 | 98 | 16 | SE4 | 80 | JAMES D GRIFFIN | $280.00 | ||||||||
| OG1100111 | 135 | 98 | 16 | SW4 | 80 | JAMES D GRIFFIN | $280.00 | ||||||||
| OG1100112 | 135 | 98 | 20 | N2NE4 | 40 | JAMES D GRIFFIN | $475.00 | ||||||||
| OG1100113 | 135 | 98 | 21 | N2NE4 | 40 | JAMES D GRIFFIN | $110.00 | ||||||||
| OG1100114 | 135 | 98 | 21 | NW4 | 74.84 | JAMES D GRIFFIN | $110.00 | ||||||||
| OG1100115 | 135 | 101 | 16 | NE4 | 80 | SCHMITZ OIL PROPERTIES | $140.00 | ||||||||
| OG1100116 | 135 | 101 | 16 | NW4 | 80 | SCHMITZ OIL PROPERTIES | $140.00 | ||||||||
| OG1100117 | 135 | 101 | 16 | SE4 | 80 | SCHMITZ OIL PROPERTIES | $140.00 | ||||||||
| OG1100118 | 135 | 101 | 16 | SW4 | 80 | SCHMITZ OIL PROPERTIES | $140.00 | ||||||||
| OG1100119 | 135 | 101 | 20 | NE4 | 80 | SCHMITZ OIL PROPERTIES | $220.00 | ||||||||
| OG1100120 | 135 | 101 | 20 | NW4 | 80 | SCHMITZ OIL PROPERTIES | $220.00 | ||||||||
| OG1100121 | 135 | 101 | 32 | NE4 | 80 | SCHMITZ OIL PROPERTIES | $320.00 | ||||||||
| OG1100122 | 135 | 101 | 32 | NW4 | 80 | SCHMITZ OIL PROPERTIES | $320.00 | ||||||||
anyone else working with eagle oil and gas? anyone else in this area getting calls from other people?
I'm hoping to be contacted soon. But, 4 miles away is much further than it seems, I suppose.
Good luck with your lease, though. I'll let you know if something changes in the near future.
Justin T Olson said:
anyone else working with eagle oil and gas? anyone else in this area getting calls from other people?
Chris and Larry,
The offer i received was $400 per acre and 1/6th royalty 3yrs plus 2yr option at $400 per acre again. After my dad found out about this he contacted actual neighbors who have signed for $200 per acre.
Justin Olson
Justin,
Does $400/ac. seem to be the best offer in the Slope areas you have been talking about?
Sally Witman said:
Chris and Larry,
The offer i received was $400 per acre and 1/6th royalty 3yrs plus 2yr option at $400 per acre again. After my dad found out about this he contacted actual neighbors who have signed for $200 per acre.
Justin Olson
Sally, no I have actually received better offers as far as dollar amounts, however the best all around deal I have found has the same bonus but they are actually willing to give you a draft in hand, no cost royalties, and work around some other basic concernes. The landmen have asked me not to just post all of the information on here so i will honor that. I would recommend being more concerned about what would happen if they drill, vs the bonus offer.
Justin Olson
Thanks, Justin. I appreciate your fast response, esp. the no cost royalty input.
Justin T Olson said:
Sally, no I have actually received better offers as far as dollar amounts, however the best all around deal I have found has the same bonus but they are actually willing to give you a draft in hand, no cost royalties, and work around some other basic concernes. The landmen have asked me not to just post all of the information on here so i will honor that. I would recommend being more concerned about what would happen if they drill, vs the bonus offer.
Justin Olson
Justin,
Were you approached by multiple companies, then? Last I understood it was just one. Also, ever get any interest in your other mineral rights?
Chris,
Yes, 3 of them so far. And yes one of them was interested in our minor interest. The other 2 were not.
Justin
Justin,
Mind if I ask the name of the company that showed interest in your 135-99 rights?
Chris
Chris,
Sorry for late reply, Marathon seems to be interested in all of slope county.
Justin