I am a mineral owner in Mountrail County North Dakota… in T158N R94W. There is currently no well and our current lease is up next spring. Does anybody have any ideas what leases have been going for in this area? I’m trying to do some homework before being contacted again.
I have seen $6,000 for a quarter section.
OldSarg, you response of “$6,000 for a quarter section”… $6,000 per acre lease bonus? That seems very high.
I read the signed lease and spoke with the owner.
Wow.
Would you all please hope that they don't get around to drilling mine between now and the spring of 2013.
After reading Sarg's comments... I am certainly hoping they don't! (A little wishful thinking can't hurt, can it?)
I’m pulling for you! I’m pulling for Clarles Mallory to get to lease again also. It seems they are determined to drill all my acres without my ever getting such an offer, or even paying me at all.
Eastern MT said:
Wow.
Would you all please hope that they don't get around to drilling mine between now and the spring of 2013.
After reading Sarg's comments... I am certainly hoping they don't! (A little wishful thinking can't hurt, can it?)
Mr. Kennedy, thanks for the positive wishes. Although it hasn't been permitted yet, I fully expect they'll drill my Mountrail interest late this year, or next. It has been an interesting test of patience since about 2006 - 2007 watching the well drilling expand out from those in the initial Parshall field activity. So while I'm one of those still waiting to see any Bakken production, at least while I wait I have been able to re-sign a couple of leases (outside of Mountrail).
That is one of the only "benefits" of being on the periphery of the play. Sometimes you get a "do over" on the lease terms and bonus payment after seeing how the play is working out. The other "benefit" is letting the oil companies figure out how to best produce this formation elsewhere before they drill yours. Though there are days I'd rather be watching their royalty checks arrive, than watching the filing of new well permits.
Eastern MT, it’s probably the same feeling I get with my wells drilled 6 months ago or more that haven’t been fracked yet, and knowing that a check will not show up for another 5 months after they are. I’d like to see everyone get a few more dollars, as I’m sure you will spend it better than anyone else would for you. I guess you could call it trickle up economics. Good luck everyone.
R.W., yes the wait for fracking, and/or their results after they’ve fracked, must be the ultimate test of patience. Let’s also hope they don’t require five months to get you (or anyone) paid after production begins.
Okay, I think I was mistaken in my statement above. The $6,000 was for exploratory wells.
The well that was drilled goes through the property via directional drilling and started producing last year. The owner hasn't seen any money yet but the well is showing production since May of 2010.