Thanks in advance for any advice! I came into mineral ownership in Bottineau county, t161,r77,s10. A couple years back ,Empire conntacted me with a lease offer.Being fairly ignorant of mineral rights,. and busy at the time. Blew it off. mistake? And how do I redeem myself ?. Also does this area have potetial. thanks.
I saw new wells being drilled in the townships NE, NW and SE of you. They arent very close to you, but there are only so many rigs available. You may have missed an opportunity James, but I think another will come. Lease bonus and royalty have been trending up. You may have missed the last lease cycle but the next one could easily make up for it. Many people in N.D. leased 4 years ago and got $75 per acre and a bonus from 1/8 to 1/6, got a well and wished they had waited a year or two. The well tech is improving constantly also. If your area proves to be economic it wouldn’t need to be a monster well to pay a nice royalty at 1/5 which isn’t unheard of anymore. If you don’t have a really pressing need for the bonus money, I’d say wait to be contacted. I hope you have the probate done and deed on file with a current address so you are easy to find. RWK
James:
I would just wait until I was contacted again in regards to leasing. Empire Oil Company is not a drilling company as they secure leases for other actual drilling companies. I would try to lease to a company who is actually going to do the drilling. If this county has increasing potential for drilling, your bonus/acre will only go up so time is on your side. Be sure to educate yourself on lease terms and shop around to make sure you are getting a good price.