Anyone know what the going lease rates are in Burke County, ND? I have a lease offer and want to compare. What should I make sure is included in the terms of the lease?
There are many favorable terms you can put in lease that benefit you the lessor. I have a law degree and own a production and operating company. Call me at 832-860-3120 and I’ll help you out for free, my name is Bill Jaehne
I know of a web site that can answer a lot of your questions, it is MillionDollarWay.com. Scroll down on the right side until you reach Land Lease Results, this has all of the latest lease rates as far as Bonus Dollars. What the share amount is, it sounds like 3/16 is the going rate although we are at 1/6.
I received a letter from Open Range, Inc. They currently hold an Oil and Gas lease on my property in Burke Co(Twnship 163, Range 92, Sections 6,7 and Twnship 164, Range 92, Sections 31,32) until May 2013. In the letter they state they have obtained well licenses for 2 spacing units at Twnship 163, Range 92, Sections 5 and 8 and go on to site several difficulties in establishing a spacing unit for drilling of my property so they want to extend my lease, which is set to expire on 5/13/2013, for 3 more years and are offering $150/acre for 37.57 net acres at 1/6 royalty-signing date of 12/21/2011. My question is why do they need to release now when the lease is not up until 2013 and is 150/acre with 1/6 royalty a lowball offer and do they hope we will release before any production in this area so they can pay less for lease. Anbody with any answers???