I am a mineral owner in Mountrail County North Dakota… approx 33 acres in T158N R94W. There is currently no well and our current lease is up next spring. Does anybody have any ideas what leases have been going for in this area? I’m trying to do some homework before being contacted again.
Garren:
The only information that I know about that areas current lease rates is from the State Auction Sale which occurred in February 2011. It appears that leases brought $1200 - 1300 / acre at the sale. The bidders were Yates Petroleum Corp. and Dale Exploration. Just remember that this was State land which will be higher than the amount you will most likely recieve. This will give an idea about the high range for this area. You might also try to contact some of your neighbors who have leased recently to see what they recieved. Be sure and get the details of the lease they signed (% royalty/length of lease).