My Grandmother passed away and left mineral rights to the family. We have 141 North, range 91 west, section 19 and 141North, range 92 west, sections 13 and 24. In 1995 Empire leased these sections and paid my Grandmother about $100. They contacted her again in 2006 to renew the lease and never followed up from there. We believe we have not had a lease since 1995. Ironically my husband is in the retail gas marketing industry but knows nothing about leases. I'm a newbie to all of this so any information would be hugely helpful. Thanks!!
Ann
Ann:
Not much activity in the immediate area of your minerals. Most activity is out to the West where multiple horizontals are located. I suggest that you make sure that proper paperwork is on file at the County Clerks office and if any operator decides to develope that area, they will locate you. Empire is a broker type operation that leases for other oil and gas operators. I have leased to them in the past.
Ann, your minerals are located in a largely unexplored area, a few dry holes, most of them probably 50 years old. Unfortunately there has been some activity North of your minerals that didn't work out too well. They just aren't finding produceable Bakken, not to say that there isn't another formation there that is produceable. I'm not going to say there is nothing there, but I will say that I think it unlikely that someone will drill there soon. I expect that lease offers would be for low bonus amounts and low royalty and longer terms. I would be torn, knowing how unlikely it is they would drill versus accepting a lease for little money in case they did drill and found something produceable. Only you can decide what you will risk. If you get a lease offer, make sure it is not a catch all including every mineral imaginable because there is a good chance that there is "something" that is worth something now or in the future. Gravel and Scorea are minerals in ND, so my lawyer tells me, so is potash.