I recently received a lease offer in 162-96 for sections 2,11 and 14. The offer was for $200 5yr @ 17% (all seems a bit low). Does anyone have any info that they would be willing to share ?
First go to https://www.dmr.nd.gov/oilgas/ and look at the GIS map server. You want the upper left hand corner of ND. See what wells are around you area . Production can be found by looking at “General Statistics” 5 items above GIS Sever . You want monthly production reports. Search for Fertile Valley or what ever field you rights are in. You can also search the report by well (permit) number. Some of the wells in this area have been very good, but short lived. The easier way is to subscribe to Basic Services (3 below the map server) .You can find out more than you want to know.
Thanks Mike. That is a very informational site for production reports, daily activity reports, ect… But I am wondering what other bonus offers are out there if any. I do put more emphasize on terms than I do on the bonus. I guess I’m just trying to get a feel for the market.
Bonus amounts are not public knowledge. You can only find out from talking to other mineral owners.
Anyone else getting any lease offers in the general area ?
As of today, no leases have been filed in the last six months in 162N-96W. Quite a few have been filed to the east in 162N-95 and 94W. Personally, I would only take a three year lease. Five years implies a longer time line before potential drilling. I do not like to be tied up that long. Sections 2, 11 and 14 are a few on the sections that do not already have horizontal wells in them. (Since most of the other sections in the township already have production, that is why they do not have any new lease offers. Continental Resources is the main operator in 162N-96W.
M Barnes thank you for everything you do, all your knowledgeable information is greatly appreciated. I know that the Teresa well in162-96 sec 10 is one of the better wells in the area. In your opinion is my acreage in good location ? Thanks
Your acreage is in the sections next door, so that is generally a good sign.
Hi, I have been seeing some leases being filed at the North Dakota County courthouse the last month or two. I too was contacted a few weeks ago about a lease offer. The lease bonus offer was low, interest rate (15%) was low, as well as wanting a 5 year term instead of 3 years. Meanwhile looking at the Feb Mineral Auction Results online show the sections 162-94-16 or 30, or 36 brought $404-$1151 Bonus/Acre. These are public postings. Also, online on the ND GIS map you can see the docketed cases that are being approved for large pooled sections. I was advised to be very patient because things are beginning to happen. So this is interesting to watch the Burke County as well as Divide county areas right now.