EnergyNet is pleased to announce that the state of North Dakota has retained EnergyNet's services to develop and host an online auction for the state's offering of oil and gas leases in Dunn County, North Dakota.The information is at this site.
All tracts will be posted on the EnergyNet website on November 8th, 2011 at 10:00 AM CST. A 23 day due diligence period begins for all tracts on November 8th, 2011 at 10:00 AM CST. The one-week online auction bidding period for all tracts will begin at 3:00 PM CST on December 1st, 2011 and close between 3:00 and 3:15 PM CST on December 8th, 2011. Specific opening and closing times for each tract will be listed on the website.
Again, the data points:
- view tracts beginning November 8, 2011, on-line
- 23-day viewing period
- one-week auction begins December 1, 2011, 3:00 p.m. CST
- one-week auction ends December 8, 2011, 3:15 p.m. CST
The end of the Landmen.
ReplyDeleteI am wondering if an owner is approached by a landman looking to secure a lease if the owner might be better off offering up the area in an auction format? Is that where things are headed? could years or months from now there exist a place in cyberspace where mineral rights holders can put up for auction that which others have an interest in? Could the days of the smooth talkers be replaced by the black and white of $$$$ offered?
Just pondering the future. If the state is auctioning how much longer before individuals are?
That is a most intriguing thought.
ReplyDeleteAnd that could easily be done right now: eBay could carve out a section for minerals. If the bid does not meet your minimum, you don't lose a thing.