Can someone help... What is the going lease rate per acre around 156-98 in Williams County.. We just had an offer at $1500 per acre on a three year lease. Any know of the best lawyer around the area to review the lease ? The current lease expires in May. Thanks
Location and operator are very important in that township. In the NW portion, there are producing properties valued at $60,000/acre and could easily double for the long term. In a lease you want to protect as much of that upside as you can. the township is bracketed with Bakken System wells so there is essentially no risk of finding oil. . The predominating operator is expected to expand its operation in the near future. So it may not be in your best interest to grant a top lease or extension. You won't get much for it until the lease expires anyway.
If you need an attorney, get one experienced in mineral transactions. Friend me and I will give you some names in your area.
Thanks Gary.. Do you think when the present lease is near exiration in May we should contact Contintal and Kodiak directly about a new lease thus eliminating the middle men ?