An oil company is proposing a drilling unit 20 times larger than what is typical with promises that it will benefit mineral owners by pumping more oil while reducing the impact on the land.
I track this story at this site.But even though mineral owners could make more money under the proposal, many say they’re hesitant to sign up before they fully understand the complex agreement and what rights they may be giving up.
Two comments:
- 60%
- it's a no-brainer
The company needs 60 percent of mineral owners to agree to participate in the unit under state statute.
Mineral owners received notification of the proposal in the mail from QEP, and the company held informational meetings in Watford City. The company also set up a hotline and email address to take questions on it.
I assume "450 agreements" mean 450 individuals.QEP has received more than 450 agreements to join the unit, said Lynn Welker, stakeholder relations adviser. It’s unclear what percentage that represents.
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