What is a good lease price for minerals in Dunn County, North Dakota? The location would be Township 145, Range 95, Section 23. I currently have it leased, but it’s due to expire in another year. There doesn’t seem to be any activity on that section, but a lot in the surrounding sections. Just curious what kind of lease bonus, royalty interest, and acre lease money they are offering in the area. Thanks, Kay
Kay:
Looking at the August State Auction site, it appears that two areas were leased in Dunn County as follows:
T144-R94-Sec. 22 ($2,600.00/acre); T143-R95-Sec. 34 ($6,300.00/acre). Keep in mind, that this is a State Auction and bonus/acre amounts are much higher than what you will receive but this will give you an idea about the $ amounts in the area. I would negotiate for no less than 20% royalty with a three year lease. If your lease does not expire until another year, there could be a well drilled as these operators tend to be drilling according to the expiration dates, especially in the areas where bonus amounts tend to be higher. Top leasing usually occurs up to 6 months out but that’s anybody’s guess in regards to the time frame. Good luck.