In one year the extension on my lease will expire, meaning I assume, that my minerals will be available to any and all interested. Since I have a year to plan what are my steps in preparing for new contracts? Should I be talking to my current lessee about their plans? Should I be talking to other potential suitors at this time? How do I find out what the going lease rate is in my area?
Jon, If there is commercially viable production all around you you don't need to contact them because someone should be contacting you and if you contact them you might hurt your bargaining position by appearing overly eager. If your lease expires, I would contact all operators who have an interest in a well near you, if there are wells.
Jon,
Much can happen in ND in one year. If your area is in the lessees plans, you may get drilled so no need to anticipate a need to lease until you have the right. Also check your lease for the many ways a lessee can extend it without taking a new lease, including what happens if you negotiate a lease with a third party before expiration. Depending on your area and amount of acreage, RW is right, lessees will ind you when the time is right. No need to create a problem for yourself that may never exist. Focus on your actions if and when the lease expiration date occurs.
Well that's interesting. I assume since they activated the extension, they don't intend on abandoning their investment. Just want to be prepared at the end of the year for whatever happens. Either renewal or drilling will start. Just frustrating to be in the dark. What resources can I use to determine the going rate lease rate per net acreage in my area?
Jon, You should visit the NDIC O&G Division website and learn to use the GIS server map. It will show nearby wells and permits, if any. It is free to use.