An elderly cousin and myself inherited mineral rights on land in the Eight Mile field in Williams Co ND. It is leased to BEXP.
Is this a good company or should we talk to others when the lease is up? Is there activity in this area or is it even considered a potential drilling site?
Thanks much for any information.
That is Brigham.....now Statoil........they are one of the big players.
All things being equal, I would rather lease to the entity that is going to drill the well, the operator. The more acreage they control the more likely they will give it some priority when planning future production operations. (this is my theory at least)
But certainly you should talk and shop around with others.......how many acres are we talking about?
My number one advice......do some research before you sign anything....those that want to lease from you are going to tell you to "act soon"
Thank you Mr Babcock-
We have approx. 200 acres I believe, Appreciate your advice.
Andrew Babcock said:
That is Brigham.....now Statoil........they are one of the big players.
All things being equal, I would rather lease to the entity that is going to drill the well, the operator. The more acreage they control the more likely they will give it some priority when planning future production operations. (this is my theory at least)
But certainly you should talk and shop around with others.......how many acres are we talking about?
My number one advice......do some research before you sign anything....those that want to lease from you are going to tell you to "act soon"
WOW! and this lease is about to expire?
Let me fantasize that these were my minerals. 1) I would get on the NDIC web site, I would go to the GIS map tab and search for where my minerals were......you need the Range, Township, and section........then I would look at the nearby wells......lets say good wells around the area.
2) I would find out who is operating the wells in the area, contact them and ask for lease offers.
3) I would not lease all of the acreage......I would lease a bunch maybe but with the money I would probably choose to participate on the acreage I could afford. I would feel comfortably participating in 20 acres......more than that would scare me a bit because I am small time guy that doesn't want to get too risky.......but I'm not leasing the entire acreage.
4) I would be assuming that the spacing is 1280 acres.....but.....I sure would want to find out for certain before I did anything......I would be leaning towards leasing with the operator, because of my theory. But I'm not going to accept something less than what someone else would offer.....well, not significantly less.
Make sure you aren't talking about 200 gross acres.......the relevant acreage is Net mineral acres......ours was 360 gross acres before I discovered it was 90 "net" acres.
Will do-great advice, can't thank you enough!
Andrew Babcock said:
WOW! and this lease is about to expire?
Let me fantasize that these were my minerals. 1) I would get on the NDIC web site, I would go to the GIS map tab and search for where my minerals were......you need the Range, Township, and section........then I would look at the nearby wells......lets say good wells around the area.
2) I would find out who is operating the wells in the area, contact them and ask for lease offers.
3) I would not lease all of the acreage......I would lease a bunch maybe but with the money I would probably choose to participate on the acreage I could afford. I would feel comfortably participating in 20 acres......more than that would scare me a bit because I am small time guy that doesn't want to get too risky.......but I'm not leasing the entire acreage.
4) I would be assuming that the spacing is 1280 acres.....but.....I sure would want to find out for certain before I did anything......I would be leaning towards leasing with the operator, because of my theory. But I'm not going to accept something less than what someone else would offer.....well, not significantly less.
Make sure you aren't talking about 200 gross acres.......the relevant acreage is Net mineral acres......ours was 360 gross acres before I discovered it was 90 "net" acres.