I am interested in knowing the average price for oil/gas leases in Burke and Divide counties. Just how long does one wait for a better offer from a leasing company? Is there a chance of losing totally if one waits too long?
I am about where you are at Karen. I got a an offer now I am wondering if it is a good offer? I once waited too long and lost an offer but on the other hand I wanted and it kept getting better. I sold and the best was yet to come. H.N.Bye
Perhaps we tell each other what the leasing price is now so we can judge our own offer.
Hal Stoen said:
For what it's worth, I received $12,800.00 for 320 acres in Burke County (Township 162 north, range 92 west) in 2004. This was from Empire Oil Co. I have no idea if this was a good, or a bad, deal. This was a 4 year lease.
I have an offer for a 3 year lease in Williams County , it all depends on where it is located, location is everything, they are drilling all over Divide County. H.N. Bye
That seems to be all our problem we don’t know if that was a good offer or not. I guess only time can tell if it was a great offer. If nothing ever happens it was probably your best offer but if the area heats up you probably could have done much much better. It’s like we are basically gambling since we don’t know the future.
We all seem to have the same questions,basically we are all gambling. I am attempting to see if there are any better offers out there now., but it is hard to turn down $650 an acre, I just wonder if I’m leaving a bunch of money on the table? I was told today it depends on how close they are from your property to finding oil, the closer the more expensive your property becomes.They will either continue looking in your area or they will go someplace else.
By law, if a company drills a well, it must notify all unleased mineral owners and make you an offer to lease or give you the opportunity to be a partner in the drilling of the well by paying your proportionate share of the costs. As long your current contact information is available in the county records, the company will find you. If you are the heir of a deceased mineral owner or have a different last name/address, you may not get this notice.
any one having any luck getting their leases drilled in Burke County?