Just inherited 320 acres w my brother. Looking to lease them but unsure how to get started. Any pointers? What would be a good rate if and when someone does make us an offer, realizing that Dodge is just east of main activity in county?
Township and range would be helpful and section wouldn't hurt. I have some rights reasonably near Dodge.
township 144 range 93 (i think)
section 19 is what I think my dad said it was.
To get started, I would recommend familiarizing yourself with nearby activity (permits, producing wells, active formations, etc.). You can research this information on the ND Department of Mineral Resources website. You can check out their GIS Map Server where they have a ton of useful info that you can visualize on a map (rig locations, permitted wells, well locations, laterals, etc.). Once you get a feel for the active operators, another good piece of information is to look at the Investor Relations section of the operator's website (assuming they are a publicly traded company). There you can get a feel for how much they are planning to spend in a particular area (take it with a grain of salt as it may change and is going to be high-level information).
In my experience, it pays to be patient. Given that you have 320 acres (I'm assuming that is the net acreage), patience and being armed with knowledge will save you hundreds of thousands of dollars in the long run. When you do get an offer to lease, be sure to hire a qualified attorney to take a look at it to ensure that the terms are favorable. Also, you can check this site and other resources to get a feel for current lease terms once things start warming up again.