Will, I also got the the exact same offer as you in May 2012 from Montana Oil Properties, Inc.. Have you heard anything fom them since regarding the permitting progess for the proposed wells since then? Glad I joined this forum as it is hard to get current information living in Alaska regarding current developements in Wibaux Co., but am encouraged by recent progess!
Noticed on the Montana classified site below that Petro Hunt submitted permits requests to drill in Wibaux.
Has anybody heard of Baseline Materials?
Yes, I believe they are representing Whiting Oil have they made you an offer?
The name of the company, I believe, is Baseline Minerals. They are a land services brokerage that generally work for larger companies like Whiting (as Mina noted) and Chesapeake. If you're being made an offer by Baseline, you can be sure that they represent a large E & P company that has much deeper pockets than the smaller independents. Don't settle for minimal bonuses and royalties, especially in this area.
What are the going rates in the Wibaux area for leasing and royalty?
I have a lease with Baseline Minerals
The bonus was $200.00 per acre & royalties @ 7th barrel.
FYI- We received an offer from MT Oil Properties, WibauxT14- R60 Sec. 34 , 5 yr, $300/acre (we have less than 10ac as a family) 17%.
Has anyone else heard from them recently? thanks
Good to hear there is some action there. Did the company locate you or did you contact the company that leased your min. Rights? Then county would not change our information on our Mineral Rights with new phone numbers and addresses. They sent everything submitted back about 5 months ago. When I called to inquire about locating us the clerk said, " That’s up to the Land man" ! I inherited these mineral rights and have a different last name now! ( the ownership was legally changed then and sent to the county at that time.) Jan
Louise, glad to hear you're receiving an offer. I DON'T have any info on current lease rates for you, so consider this opinion on that basis. There is drilling not too far from you across the state line north of Beach, ND. Rates there are in the range of $150 to $600 with anywhere from 15% to 18.75% royalty. As you can see it is a huge range. So I'd start by countering with everything a little better by asking for $500/ net acre, 18.75% (3/16th) on a 3 year lease. Of these changes what you want most is the 3 year term rather than 5, and the 3/16th royalty rather than 17%. So ask for more than be willing to settle for the $300 IF they give you the higher royalty and shorter term. That is my 2 bits. Good Luck.
Thanks Eastern MT.
Dunnegan- MT Oil contacted us.
Did you submit an affdavit of ownership w/ change of address? It would cost a few dollars ($7 page maybe) to record. List your name; Carol smith , aka Carol Black, contact info. legal description, Twsp, Range, Sec. nw/4 etc. You can type up your own form, look on line for examples.
Thank you Louise, I did just that with $ and they sent every thing back saying they don’t change anything. All I needed to do was change phone #-and address. Was already in sysystem. Called them and they said they wouldn’t change info. !!
Louise, My family also signed with MT-Oil over a year ago for similar size acrage in 4 sections of 14N-59E @ 250.00 per. Have tracked the progress of Interstates Expolration, LLC on the weekly activity report of B.O.G.C. and was gald to see they have recently secured permits for 14N-60E, sec. 29 for 2 vertical wells after red river shale. Is your sec. 34 close by ? I'm sure the drilling company likes to try to lease 3 conjoined sections and start with vertical wells which can then convert to horizontal wells seeking a differant formations. I was sceptical of a 5 year lease but have seen the time involved with the the permitting process. Hope this helps.
d. drake, Thanks for the info. . Sec. 34: is about 1,200 acres SE of 29. You have it correct, I was told MT OIl wants to do a vert. drill and try to hit Red River formation. They consider this a "Wild Cat" drill.
I had signed a year & one half ago for $200 per acre with every 7th barrel for 3 years with option.
Has anyone heard from PetroHunt lately?
Thanks, M. Ellis
Not a word since signing 2-3 years ago.