- Yes, it would be best for "minerals" to go through probate: 17%
- No, it would not be best for "minerals" to go through probate: 66%
- It depends: 11%
- Other: 6%
Recently, there has been some discussion regarding 1280-acre spacing and 2560-acre spacing in the Bakken. Based on current events and projections of how you see the Bakken developing over the next 12 months (the time period here is critical), if you have (or wished you had mineral rights), would you prefer 1280-acre spacing or 2560-acre spacing? Or does it matter?
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For the longest time, I put off subscribing for Basic Services at the NDIC website for quite awhile. My biggest concern was becoming even more "addicted" to the Bakken, following even more data. The cost, $50, probably played a role, although the greatest impediment was inertia (bodies at rest tend to stay at rest, and I didn't know how much trouble it would be to get the subscription. It turned out to be incredibly easy. But I digress.)
This is the observation: in a couple of cases, mineral owners have written in saying they would not spend the $50 for the subscription due to the cost. At the same time some folks feel "a few hundred dollars going through probate" is not that significant.
That was just an observation. But if there is a message to be taken away, this is it: the NDIC Basic Subscription for $50 may just be the best bargain in the world for anyone who enjoys following the Bakken. I would assume every student in petroleum engineering has access. Reading the file reports, it seems, would be a must.
In addition, recently, looking at a re-entry well, it appears the operators were reading an old geology report of a previously drilled dry vertical hole and saw something they liked in the Bakken Pool. They drilled and they were successful. Anyway, just a digression.
Smaller the better. That way only spacing units that are producing are held beyond primary term. Non producing can be leased again. Larger units have the POTENTIAL for multiple producers but the timing of drilling out is not an issue for the operator if unit is hbp.
ReplyDeleteI'm very surprised with the results of your probate poll. I didn't bother to vote as it seemed a 'no brainer' that minerals should be properly conveyed via probate. Perhaps folks don't realize, but unless their minerals are never leased or drilled, if they're not conveyed by probate at the time of death other steps must be done through the courts later on.
ReplyDeleteYes, it was a no-brainer.
DeleteThe majority understood the question; in that context, I agree with the majority.