Highlights:
The highest lease/acre: 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. Of interest, Whiting has a rig on site on mile north in section 13, T140N-99W, #18837, Kubas 11-13TFH.
Mountrail County (one example per category per county)
Highest bonus/acre: $7,200/acre for a 20-mineral acre lease (Marshall & Winston Inc)
Single largest lease: 160 mineral acres @ $6,200/acre = $992,000. (Northern Energy Corp)
Williams County (one example per category per county)
Highest bonus/acre: $7,100/acre for a 40-mineral acre lease (Sundance Oil and Gas LLC)
Single largest lease: 160 mineral acres @ $6,700/acre = $1,072,000. (Sundance Oil and Gas LLC)
McKenzie County (one example per category per county)
Highest bonus/acre: $5,500/acre for a 160-mineral acre lease (B J Kadrmas Inc)
Single largest lease: 160 mineral acres @ $5,500/acre = $880,000. (B J Kadrmas Inc)
Dunn County (one example per category per county)
Highest bonus/acre: $5,500/acre for a 137-mineral acre lease (Northern Energy Corp)
Single largest lease: 137 mineral acres @ $5,500/acre = $753,500. (B J Kadrmas Inc)
Mountrail County
The high bid ($7,200/acre) in Mountrail County was section 21, T150N-92W, Van Hook oil field.
The largest single bid, the $992,000 bid, in Mountrail county was in section 27, T150N-92W, a wildcat, but right next to (south of) the Van Hook oil field.
Williams County
McKenzie County
The high bids in McKenzie County were in an undeveloped, undesignated area just 1.4 miles northwest of Alexander, just a 1.5 miles west of US Highway 85, just before driving into Alexander.
A 160-acre parcel is one-fourth of a section (640 acres). On 640-acre spacing, one can put in a short lateral. A 160-acre parcel for $1 million equates to $4 million for the entire section. The short lateral well could cost about $6 million. So, just to get started, the upfront cost for a well going into this section could cost $10 million.
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Mountrail County
The high bid ($7,200/acre) in Mountrail County was section 21, T150N-92W, Van Hook oil field.
The largest single bid, the $992,000 bid, in Mountrail county was in section 27, T150N-92W, a wildcat, but right next to (south of) the Van Hook oil field.
Williams County
The high bid ($7,100/acre) in Williams County was section 33, T156N-103W, Bull Butte oil field, just north of Squires oil field.
The largest single bid, the $1,072,000 bid, in Williams County was in section 26, T156N-102W, a wildcat just north of Squires oil field.
Dunn County
There were only five (5) tracts in Dunn County leased; they were all under the Missouri River, wildcats just south of Van Hook oil field.
McKenzie County
The high bids in McKenzie County were in an undeveloped, undesignated area just 1.4 miles northwest of Alexander, just a 1.5 miles west of US Highway 85, just before driving into Alexander.
*****
A 160-acre parcel is one-fourth of a section (640 acres). On 640-acre spacing, one can put in a short lateral. A 160-acre parcel for $1 million equates to $4 million for the entire section. The short lateral well could cost about $6 million. So, just to get started, the upfront cost for a well going into this section could cost $10 million.
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