yes we leased it out last winter in january
good i was going to invite you too 
dtex
I do not recall saying that the bonus is disclosed at a county recorders office… the research at the recorders WILL give you other information that will lead you to the owners of the leases. Develop a relationship with those neighboring leaseholders people!! It is the leaseholders, ourselves where the meat of information comes from!! Celebrate your right to privacy and the rights of privacy for others…respect it as you would like yours to be respected, and the door to that confidential information just might be found to be open!!
Exactly right A.B. Your research regarding our lease details is worthless,the reason for your failure to disprove what I say is because you are not viewing our lease as you previously stated you had. I believe there is a timeline to record documents and the timing of the recording has some sort of effect on tax cycles, the reason for your failure to disprove what I say. Also there are other reasons a document may or may not be recorded… I will not help you further in your effort to discredit me as it will serve no purpose, in truth you may be a landman posing as a lease owner to do what you can to confuse lease holder and cause you to seek your advice and middleman services in addition to keeping royalties low?? if indeed you are a interest holder seeking to learn i would…to you my friend recommend that you find a unscrupulous landman to help you on your way… smiling… all the way to the bank.
should AB attempt to impune your integrity with worthless blather as he did with me I shall expect that you would respond in a manner much better than my own… many of us with mineral interests are salt of the earth hard working and honest people who have never had time to unearth the nuances of negotiating mineral leases. Not all leaseholds are owned by families such as my own. While Detex is comprised of of many who are of no familial relation and will find the group taking votes and attending meetings…undertaking many activites to accomplish her goals. Those of you with the mineral rights held within your family have an advantage that you can make use of. In our family we chose the option of having one member of the family negotiate and continue to renegotiate our lease over the years. This has given that member a chance to learn from that experience. But the greater benefit to this arraingement for us was that all agreed that what was accomplished would be accepted. In other words, he had entirely free range to ride, no fences or limitations and his decisions would be fully accepted by the family. While this may not be possible in all families it was in my own and it served us well.
Joel,
You are forgot ND state tax that must be paid as well. Some people have done a S corp to off set taxes while they invest in something. What are your thoughts ? How does the tax work for you now living in Canada ?
I am confused. So are you a corp or LLC ? How are you planning on handling the oil income ? 1040?
Maybe after my night cap I could move to Canada …lol Do you like living in Canada… how long have you been up there? My aunt has cancer and she lives near Minot. They go every month to Canada and gets your drugs alot cheaper than here even after Medicare.
They were on 30 th
Do you know Ralph ‘Duane’ Kirkpatrick from Glendive?
I think Duane knows Web Allen
joel.You probably don’t know them but you have the ne corner of 34 and Ihave the se corner
MLH
Still stinging a bit here from A.B.'s accusations that I have somehow endeavored to “deceive” you with a “fish story” ( a lie )…and no longer willing to step on that slippery slope again, but I can tell you that I did come away from my uncle’s discussion about the negotiation with one major bit of practical advice in negotiating directly with Whiting. Two words…BE PREPARED! This means several things… One: Know who all the interest owners in the leasehold are and know that they are all willing to sign a fair lease. Whiting will NOT sign a lease with a missing interest holder. Two, do your research of nearby leases at the courthouse to establish a general idea of what should be a fair value lease. Bear in mind while you do that that this is only a general indicator for you at best. Also, keep in mind as you view a recoded documents at the courthouse, that the fact that simply because a lease document is “documented” or “recorded” with a county recorder does in NO WAY prove, imply, or certifies that the facts within that document are true and correct. A case in point is our own lease that A.B. states was at some point changed to 15%… simply not true. So, talk to the interest holders and verify with them the terms of any lease that you feel solidly affects the value of your own lease. The facts that you do glean from this research should be considered only a guide to a fair deal… negotiation means just that, an attempt to meet in the middle on fair grounds. MLH…if there is any specific thing you would like to know message me on the site mail. I will at some point soon get the name of our Whiting contact for you when I next again talk to my uncle, however I would not advise walking into Whiting unprepared.
You are preaching to choir as far as the Keystone XL but Obama didn’t dare take a position; so it will be President Romney who will make the ultimate decision in late 2012!!
** The need for fossil fuel will continue to be more demand every year in spite of how is President. It’s supply and demand the left and the right all need oil…OUR OIL !! so don’t lease it for cheap ! Every mineral owner has a responsability to the other’s to raise the bonus/ royalty and lower the term for the benefit of all owners. Even at the highest amount in your area the oil companies are making a killing on YOUR OIL. The price they pay for bonus/ royalities is peanuts to them and their billions in profit.**
IT’'S YOUR OIL NO BODY ELSES… WHEN IT IS GONE FOR A HIGH PRICE OR LOW PRICE IT WILL TAKE ABOUT 10,000 YEARS FOR IT TO RETURN IF IT EVER RETURNS… SO HOLD OUT AND DEMAND ABOVE FAIR MARKET BONUS… BUT MORE IMPORTANTLY HIGHER ROYALITIES !! EVEN 25% IS A JOKE COMPARED TO THE 75% THE OIL COMPANIES IS GETTING OF YOUR OIL…50-50 IS MORE FAIR.
I second that.
ND is trying to get more refineries closer but that takes time and a work force which is something in a great demand with a low supply. Labor and materials cannot get fast enough to build housing for the workers. The Walmart parking lot in Williston looks like a camp ground full oil workers with no place to live making $100,000 + but homeless.
So do you have to pay USA Fed tax, Canada tax, ND tax and Ottowa tax ?
25% range of oil royalty ? Now I need a smoke !!! Can not quit tried and tried …
Many of the farmer were S corps prior to the oil boom, which helps I guess.
So we are thinking of getting structured prior to our lease ? What do you think ? I wonder what your sister is planning in terms of after lease oil income ? I got a feeling she well now … power to her .