I was just offered $500 for each of 63 net mineral acres at 18% royalty across 5 people. It seems a fair price and I’ve done the title search on idocmarket already.
This is in Wiiliams County, N.Dakota and I just wanted to ask for any advice on this. The lease stipulates Oil & Gas and “any other product” for royalties. I mention this, “any other product” for the increased interest of rare earth minerals under the current administration.
Not being up to date on current mineral leasing in Williams Co. I do not know current lease amounts. I believe that what you were offered is a little low. Hopefully someone with more current knowledge can help you.
I would leave out the “any other product” and require it be oil and gas only! I would also request 20% and a higher bonus. As I have read previously, if these acres are in different sections, do a separate lease for each section and try to stick to three years. I’m not really up on bonus amounts but saw someone had reported getting $1750 in ND recently. They can only say no. But I would definitely not let them “lease” any other product. That should be separate and specific, In North Dakota mineral interests refer to ownership of “oil, gas, coal, clay, gravel, uranium, and all other minerals of any kind and nature.”
Make sure you get a depth clause. Im not sure what you mean by “any other product” for the increased interest of rare earth minerals under the current administration". If you are referring to Lithium, its been going on for awhile and courts are still trying fo figure out if the surface owner or mineral owner owns the rights. To make you sleep better at night, simply ask them to strike the any other clause and make it oil and gas only.
Each heir should have their own lease unless language in the title documents indicates otherwise. You would have your share of the net acres. If in different sections, then each section needs its own lease.
Williams is very hot right now. I’ve seen better terms out there. At the level you’re working at, it would be very worthwhile to hire a lawyer. Mine redlined several items out of what I considered to be a favorable lease.
Thank you. I believe this forum stipulates some limitations on legal advice but do you have any suggestions on lawyers there or firms? I’m spitballing a bit here on my searches but any advice would be appreciated.
5, 6-159N-103W
Current activity has KODA Resources leasing. No old wells showing up. KODA has horizontal permits for three section wells in 160N-103W just to the north of you.