our current lease has expired.. we received 1 offer but felt this was low and tried contacting to see if they had a better offer. Its been about a month. Should we just wait or try and contact other lease companies?
First, where are your minerals located? I notice that you are mineral owner in North Dakota but the area where your minerals are located will play a major role in the terms of your new lease......bonus, etc. Since you are currently expired, if you are located in one of the "hot" areas, you will be contacted by a leasing entity but these terms will be your next hurdle as you will want to receive the best bonus rates, etc. Also, you can research and see which companies have drilled in your area and make contacts with their land departments as an avenue for marketing your minerals. Lastly, you can list your minerals via the MRF under their "New MKT Place" site listed above. By all means don't get in a hurry and do your research.
We are in divide county tnship 162 range 96 sect. 11 and 13. Continental made the last offer in feb
Looking at the GIS map, it appears that Continental Resources has two wells (both Miller wells); one in the spacing unit to the East of yours and one to the South. I don't subscribe to the NDIC production info so can't help you with the production figures for these wells. It appears that Samson Resources originally drilled these wells and a transfer to Continental was made in March 2013. Continental definitely has an interest in your area and will most likely contact you in regards to leasing. Refer to my last post as the actions I recommend you take at this point. Your best lease might be with Continental since they already have an interest in the area. I might add that your acreage size will also play a major factor in negotiating a new lease.
I looked at most all the wells in every direction close by your tracts and Continental was the operator on all of them with decent producing wells but with the cost of these wells they are probably not too excited about the area. Some of those wells have been producing a little over 1.5 years and have produced 40,000 to 50,000 bo during that time. If I get time later I will take a look and see who might be leasing in your area besides Continental Resources. Charles is probably right that Continental will be contacting you again but I doubt they will be offering the high bonus and roaylty others are getting in ND on their leases.