Can someone help… What is the going lease rate per acre around Township 156-98 in Williams County? We just had an offer at $1,500 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 expiration in May we should contact Continental and Kodiak directly about a new lease thus eliminating the middle men?