Wibaux County, MT oil & gas discussion group. Share your experience regarding lease bonus, royalty rates, drilling activity, and oil & gas news.
The land man for Petro Hunt made an offer yesterday. He says they are vertical well drillers and more likely to actually drill than others. Apparently he knows that the other offers out there are better up front.
I was contacted by them in May with an offer; however, I haven't received anything 'official' in the mail yet. He told me the same thing. Haven't heard of any other companies making offers in Wibaux other than Petro. Believe they only offered around $50 per acre and 15% royalty.
Montana Oil Properties offered $250/ac, 16% & 5 yrs in May as well. It looks like something is up in Wibaux county!
What kind of offer did you receive from Petro Hunt?
$50/ac, 15%, 5 yrs
Well hopefully before long we can start enjoying the rewards of the 15% royalties.
Now to see who's really a well driller....
A land man got the other percentage owners stirred up enough yesterday to nearly sign a bad deal. It looks like drilling companies are trying to tap the Bakken vertically without any intention of going horizontal, their objective seems to be to peddle the asset along with the hapless owners' contract once it is proved up. Nice money if you get the mineral rights owners to spook early at that up front money and a cheap deal.
Haven't seen any drilling/well permits published in the paper for Wibaux yet. Seems like all the activity is still in the surrounding counties.
Has anyone else in Wibaux heard of Interstate Exploration?
A Google search says that they may be associated with the Wilks family of Frac-Tech fame. Recently, they built a 6000' runway for their aircraft in Central Montana and were moving their rock crushing plant to Eastern Montana after that. One thing's for sure, their money is good.
I got an offer from Petro at $150 ac; 15%; 5 years
That’s great. 6-mths ago they were only offering $50 per acre. Hopefully we will start seeing some drilling activity in the county soon.
I have not signed yet, I think I want to negotiate a 3 year lease, with 18%.
Howard, which paper do you check for drilling permits? The Billings Gazette?
I normally check the following sites. The Fairfield Sun Times publishes a weekly oil report which lists new and expired permits along with completed wells. The Montana classified site posts most legal notices for several participating papers each day.
http://www.fairfieldsuntimes.com
Thank you! This is very helpful!
The site for MT permits is www.BOGC.DNRC.MT.Gov From their front page it takes a couple of clicks. Near the top look for the link for the Weekly Activity Report, then it will come to another page where you’ll click again. Sorry to be this vague but I’m not looking at it as I type this. The State’s Weekly Activity Report shows all new permits and reported well results. Hope this helps.
Thanks. Good info.