Hello all, I am new to all of this and seeking info on mineral rights my 82 yr mother owns in Roosevelt County. Section 28, township 28 Range 51 east. it was leased in 20008 and pays her little. Can anyone provide me with direction in learning more. Thank you, Tom
You might follow the Roosevelt County forum:
http://www.mineralrightsforum.com/group/rooseveltcountymontana
Roosevelt County is heating up, for sure. It seems that the companies are drilling to the lease schedule--drilling leases that are about to expire. Not sure what you mean by "pays her little"--wasn't she paid a bonus when she signed the lease? The important thing is--when does the lease expire? How many mineral acres is it?
Other way to learn about this oil activity is to follow the Bakken blog on Google.
Thomas, I have minerals in Roosevelt near yours and I leased back in 2008 also. Currently, as Ruth stated, Roosevelt is heating up as the drilling activity is slowly moving Westward from ND. Has your area been temp. Spaced and if so by whom? Again, as Ruth stated, the companies appear to be drilling according to expiration dates, so ours is still to far out to expect any activity in the near future. The one upside to not getting drilled on prior to lease expiration, is that you will be able to negotiate a much better lease under today’s terms. As for now, I keep my eye on the “Montana Oil and Gas Commission” Website where new drilling permits are posted every Friday. Bear with me if you find typos in this reply as I am away from my laptop and using my iPad. Good luck and be sure to join the Roosevelt County Group on this forum as you will receive updates on info regarding Roosevelt County.
Hi, I am new to this, just recieved a letter from a landman interested in 40 acres t30 r54. I see in feburary Brighamt oil & gas -t30 r56 and whiting oil -t29 r56 have wells aproved to drill. So what kind of $ per acre should I ask for, I know to try and get a 3 year lease max if poss w/ min of .18%. Also am I correct in that these leases only give a bonus lease amount (one time) payment and other than royalties you dont get an anual rental amount. Thanks Anthony
A Roberts:
The bonus amount will be a one time payment for the length of the lease. You would be wise to bump your royalty amount to 20% and market your minerals for this amount. Shop around by finding what operators are leasing in that area and you're right, a 3 year lease is the best. I'm not for sure about the current bonus/acre amounts for this area but you might post under the "Groups" section; Roosevelt County Section (can be found above). Also, you might check with some of your neighbors who have recently leased in order to get an idea on the current bonus rates.
I am not sure if I am responding to Ruth or Charles. Either way, thanks for your response. I am the youngest of five. I am just gathering info from my eldest sibling. What I know so far is that my mother owns 12 net acres and 160 gross in the area I mentioned last night. My brother is pretty unclear about the details of the lease, which is making me a lttle crazy, but believes the lease may have expired this past spring. I beleive my mother has received about 300.00 per year. Does that sound right for a lease signed in 2008. As for a bonus, I am still uncertain. Thanks again for your thoughts/time.
Tom
Ruth said:
You might follow the Roosevelt County forum:
http://www.mineralrightsforum.com/group/rooseveltcountymontana
Roosevelt County is heating up, for sure. It seems that the companies are drilling to the lease schedule--drilling leases that are about to expire. Not sure what you mean by "pays her little"--wasn't she paid a bonus when she signed the lease? The important thing is--when does the lease expire? How many mineral acres is it?
Other way to learn about this oil activity is to follow the Bakken blog on Google.
Tom:
If I'm correct in reading your post, your mother owns 12 net mineral acres of a 160 gross. This means that if you lease the minerals, you will be paid a bonus/acre based on the 12 acres. Again, when you lease your minerals, you are paid a one time bonus/acre for the lease period (3 - 5 yrs. normally). Do you have a copy of the lease? This lease document will reflect the terms of the lease including the expiration date. If you can't find a copy of the lease, it will be on file at the County Clerks office in Roosevelt County. You need to check into this matter but if this lease has expired, some landman will contact you if your contact is correctly recorded at the CC office.
Charles, thanks again for your guidance. I called the CC office and learned that my mother has been signing extensions. Last one in 2010 for 3 yrs. My guess is that was a bad move as it is an extention on a lease originally sined in 2003 and she has no idea what is going on out there. I did learn that she has more mineral rights in section 22 of township 28. Those were also exteneded to 2013. I still have no idea of the terms of the leases. I can only hope that whoever helped her negotiate the lease in the first place got her a decent % on royalties.Thanks again for your help.
My family also has acreage up for renewal in 2013 in S 22 and 28 of T28N R51E. I'm interested in connecting and finding out what you were able to negotiate. We have an offer from our existing lessee for $150/acre bonus and would like to know what you have been offered for your renewal. Please contact me back.
Michelle, I responded somewhere else on this site but in case I sent it to outer space, We have not been approached to resign at this point. Who is your lessee?