Northshore Energy & Investments sent letter indicating their plans to drill a 5,300' test well in this section and of course offering meager lease offers ($200-$300 per nma) out of the gate. I don't readily see any recent activity in Noble County to help guide us with their offers. Anyone hearing or seeing similar activity?
I find $300 on the low side for Noble CO. I think you should be able to get at least another $50 to $100. Right now leases are low because oil prices are low. If it would have been a couple years ago, leases were going up to $600 if their are other well close by. Now, it's about half of that. So, $325 to $350 should be in the ball park if it's a V well, but remember it can become a H well real fast. North by the airport, they have some pretty good wells, but I'm not sure how far south they are going.