Mineral rights leases

Oil and Gas Leasing Help
1

I'm trying to get the hang of the forum and discussion group and seem to be technically challenged. At any rate, our property description is Township 30 North, Range 56 East; Section 29: NE, SW and Section 30: Lots 1(37.39), 2(37.47), 3(37.59), 4(37.65). E2W2. E2

Thank you both Charles and Gary for your sage advice. In fairness to Whiting, when we didn't accept their offer to re-lease, they did ask what we wanted. I appreciate both your advice regarding letting the lease expire and be open to new offers. We're not in any hurry and hopefully there will be more successful drilling in the future. The reminder about the pugh clause was helpful as well. I have a couple new geology books and will find out more about the Red River and Three Forks formations. All advice and information is greatly appreciated. We also use a local attorney that keeps us out of trouble.

2

Fay:

Sounds like your on the right track in regards to your lease negotiations. I just talked to the County Clerk office in Wolf Point, MT yesterday and learned that the numerous landmen representing various oil companies continue to research records daily for leases either expired or nearing expiration in the Roosevelt County area. Your patience will pay off as offers begin to arrive and your knowledge of what is actually happening will be your key to getting the best lease. Good luck as I will be doing the same thing in less than one year unless drilling on my mineral area occurs between now and then.

3

Thanks Charles,

For the past six months I've been following the drilling permits of our property and neighboring properties and was delighted that we were not on the slate. Hopefully you will have the same good fortune.