Advice near Dickinson, ND

My family owns the mineral rights to 240 acres in Stark County near Dickinson, ND at 11-140N-96W. An offer was made to us last month to purchase the rights for $500.00/per mineral acre. Is this a reasonable offer? We decided to hold out after hearing that our neighbors received an offer for $1000.00/per mineral acre. I am mostly curious as to information on the kind of interest being generated in this region and any advice anyone has for me on what a good sale/lease price would be in this area.

We have minerals in Stark as well. 140-96 is a good area, but not yet hot in my opinion. You have good negotiation power with 240 net acres. As a minimum, I’d only accept $750, 20%, & 3 years on my own lease form. I think, however, you could probably do better. Contact me at if you want more info.

My personal opinion is that one should never sell your mineral rights, rather lease them instead. The royalties should any extraction occur would be far greater. In purchasing your mineral rights the oil producer then gets what “would” have been your share of the oil revenue. Of course this is a matter of personal preference but I feel that anyone who has scraped all those hard years to keep ownership of thier land should benifit the most. Also that any slick talkers that come along and offer mere thousands for something that is far more valuable than that I consider to be nothing more than a common thief. Weigh your options carefully.