I believe I will be watching my lease expire in April 2012. I own a 1/12 part of 320acres in the Northwest portion of Mountrail County. What should I be looking for when pursuing another lease? Any advice would be appreciated.
I don't know what terms your lease currently read (bonus/acre; % royalty; length of lease) but my first action would be to get the most from these first two areas with a 3 year lease. Also, I would target an operator who is actively drilling in the area. You also might want to refer to the "Mineral Owner Resources" above, as this site has some excellent advice. In my opinion, the % royalty is the most important part of a lease negotiation as this is what will be the future bucks for your minerals. You still have alot of time left on your lease as some operators wait to the end of their lease agreement to conduct drilling activities.
I agree with Mr. Mallory, that now your lease will have the operators attention, where before the attention was on other leases close to their expiration. The operators must be behind due to weather and road conditions, will likely lose or have to lease again some acres, but I would not count on not being drilled just yet. You may get a toplease offer to consider. You may want to research the pro’s and con’s of topleasing before the time comes.