Just saw an article today title “The Death of the Bakken Field has Begun”. Sounds discouraging, and I am open to other opinions on the topic of declining production in the Bakken, but I think there is a lot more exploration to be done in North Dakota. If you know of anyone seeking to lease open minerals, sell mineral rights, or needing consulting work, please friend me and message me for opportunities.
Brighter days are ahead!
The Bakken has not begun dying. They are still drilling wells in the sweet spots. I hear there are about 1200 drilled uncompleted wells in ND. I have had wells drilled in spacings where my mineral rights are in McKenzie county and in Dunn county, late 2015 and mid 2016.
They are drilling much better wells with much better completion techniques that cost 1/3 less than they did 3 years ago.
I would make sure you have something better to go to before you cash out of the Bakken. Much better if you consider the 15% capital gains tax you are going to have to pay.
I agree with Mr. Kennedy. No where near dead.
My brother tells me he received another 4 well proposals for 149-96 section 9 Mckenzie county. His mail runs a day faster than mine. Three of the wells costs are sub 7 million and one is estimated to be slightly more than 7 million dollars.
In 2011 these would have been 10+ million dollar wells. Todays oil prices are not ideal but they will not kill the Bakken. The operators know where the oil is, they know to a close order how much it will cost to get out. Operators will not forget where it is. If they have a well holding a lease, that’s sunk cost and they can afford to wait.
Update on my post below. The wells to be drilled by Burlington Resources AKA Conoco Phillips are projected to cost between 6.6 and 6.8 million dollars each. The most recent well drilled by Burlington/Conoco on land pooled with ours in late 2015 produced 226k barrels of oil in the first 9 months. The wells are not skimped on, they are just that much cheaper than they used to be and much better in all technical aspects at the same time.
I’m not totally thrilled with my oil being pumped at current prices but these wells are going to be profitable. The acres are already HBP, they don’t have to drill these wells.
Is anyone investing in Reefs plan to get rid of the bank in the 2011 Bakken partnership.
There are many others and I actually heard about the situation on tv some time ago.
I hear there were a few winners with REEF and I hope you are one of them.
http://www.whitesecuritieslaw.com/2013/02/08/update-on-securities-f…
that article is written by an attorney that is looking for business. <smile>
Reef Oil and Gas Companies has an interesting new partnership in the Bakken area. If you want to find out about it call them.
I own some working interest in Mountrail, Divide and McKenzie counties, interested in taking offers. Please send me a private message if you are interested in getting details.
Thank you!
Ben Samuels
I have been contacted by Border Resources for putting drilling equipment on property for 6600.00 and 500.00 an acre and 18.75% per barrel is this the going rate for Williams county?
Victoria, You must own the surface and minerals. If there is Bakken production adjacent to your land, I thing you can get a better deal if you have the patience. Most critical lease terms today are avoiding the use of old forms that haven’t been adjusted to horizontal drilling situations.
Gary L Hutchinson
I’ve been contacted by a number of companies interested in purchasing my mineral rights. I’m a novice at figuring this, I have 20 acres in a 160 acre piece, currently paying about $3200 a month a climbing monthly. I have no idea how to find out if any new wells might be drilled ( one land man claimed no more would be drilled but with such a big piece it’s hard to believe it’s drilled out. It’s in Bakken, a well producing area. Can anyone tell me how to find out about any new wells as well as suggested prices per acre for a sale? You have always been a very knowledgeable bunch. Thank you! Bette
Bette, we would need the section, township and range to look up the area.
Just a general note, now that oil prices are going up a bit and there are more pipelines in the Bakken area, there are lots of offers to buy out there that are usually low. Anyone who offers to buy thinks that they will make a profit at the price they offer you, so you have to consider whether you want that profit instead given your family situation. If you have heirs, you may want to hang onto it. The Bakken has a lot more to give and technology is always improving.
Also, the more companies offering makes me think they know something.
How can I get an Appraisal of my Mineral Right in Williams County, ND? I have the rights to 120 net acres in Section 17 of the New Home township.
I've been contacted by a number of companies interested in purchasing my mineral rights. I'm a novice at figuring this, I have 20 acres in a 160 acre piece, currently paying about $3200 a month a climbing monthly. I have no idea how to find out if any new wells might be drilled ( one land man claimed no more would be drilled but with such a big piece it's hard to believe it's drilled out. It's in Bakken, a well producing area. Can anyone tell me how to find out about any new wells as well as suggested prices per acre for a sale? You have always been a very knowledgeable bunch. Thank you! Bette
Bette, we would need the section, township and range to look up the area.
Just a general note, now that oil prices are going up a bit and there are more pipelines in the Bakken area, there are lots of offers to buy out there that are usually low. Anyone who offers to buy thinks that they will make a profit at the price they offer you, so you have to consider whether you want that profit instead given your family situation. If you have heirs, you may want to hang onto it. The Bakken has a lot more to give and technology is always improving.
Also, the more companies offering makes me think they know something.
How can I get an Appraisal of my Mineral Right in Williams County, ND? I have the rights to 120 net acres in Section 17 of the New Home township.