The highest lease/acre in the May 4-5, 2010, North Dakota state lease sale: an eight-acre tract in Stark County drew the highest price: $12,500 per acre.
This was in section 24, T140N-99W.
It is not located in a designated field (a well here would be a "wildcat"). Of interest, Whiting has a rig on site on mile north in section 13, T140N-99W, #18837, Kubas 11-13TFH. This is a wildcat.
See also: first post on the May 4 - 5, 2010, sale.
See also: second post on the May 4 - 5, 2010, sale.
I find this incredible that this is not a headline story in the local newspapers. $2,000/acre is a huge number, but now becoming very common, in these state leases. In the previous quarterly sale folks got excited about the record $7,100 / acre for 80-acre tracts. But $12,500/acre for eight acres in an undeveloped area (any well here would be a wildcat) speaks volumes. Is the entire Bakken still undervalued? Are EURs going up more quickly that folks realize?
