I inherited a small amount of mineral interests, mostly in OK, and am slowly getting familiar with the process there. A little is in ND and I received a lease in the mail from Resonance Exploration for Bottineau County township 160. Terms are 5 years and 1/6 royalty and 50/acre bonus. This seems low to me; is it? The length seems long; is it? OK lease terms are usually in the 3/16-1/4 (highest) range, with length being 3 years, with maybe a 2 year extension.
- Is 1/6 royalty in Bottineau Co township 160 reasonable?
- Is term length of 5 years reasonable?
- If I decide to not sign it, should I inform the company that sent the lease of that decision?
- Does ND have a pooling process (like OK) to capture the individuals who didn’t sign?