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Sunday, August 12, 2012

Results of August, 2012, State Lease Sales; Warning

Warning: I am absolutely worn out with all my activities with the grandchildren over the past few days. We have been all over Los Angeles County and Orange County in southern California.  I am a bit burned out with all the 2Q12 earnings data. Therefore, I assume I will be making more typographical errors than usual. Proceed with caution. If something doesn't make sense, I probably made a mistake. Let me know.

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I had forgotten all about this. A reader reminded me; thank you.

The lease results:
This quarterly sale did not amount to much.

Some numbers rounded below:

The highest bonuses paid were in McKenzie County:
$10,500/acre for 22 acres
$8,250/acre for 62 acres
$8,100/acre for 165 acres
$8,000/acre of 230 acres
The best Divide County got was about $2,000/acre

No lease acres sold in Mountrail or Williams County; only 140 acres in Dunn County

Dollar totals:
Billings: $6,760 for 320 acres
Bottineau: $7,643 for 1,677 acres
Bowman: $170,483 for 1,907 acres
Divide: $7 million for 5,000 acres (numbers rounded)
Dunn: $24K for 140 acres
McKenzie: $4 million for 643 acres
Renville: $4,490 for 80 acres
Slope: $266,000 for 6,656 acres
Ward: $1,850 for 80 acres
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2 comments:

  1. AnonymousAugust 12, 2012 at 7:31 PM

    Bruce---Iam the reader that reported on your blog about our first oil lease in 26 years in Bottineau County leased by Ballard Petroleum from Billings ,Mont.Just an update on my land---Ballard will be conducting seismic testing this Fall--first time since early 1959 any testing has been done.The testing is in the area of the "North Elms prospect."The Farmer that rents my land 160-81-36 said there will be a well drilled this fall between Landsford and Maxbass---first in a long time for this area. Hope the oil companies see potential because of new seismic techniques. My fingers are crossed.

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    Replies
    1. Bruce OksolAugust 12, 2012 at 8:09 PM

      That is very, very interesting. Thank you for sharing.

      A couple of points. Obviously they know there is oil there; it's just a matter of being able to get it out of the ground.

      I've heard rumors that there was going to be "new" activity north of Minot, which was one of the reasons BHI (Baker Hughes) put in a huge complex there.

      There is a Madison formation oil field a few miles north of Lansford, and a few miles west of Maxbass.

      If they are Madison wells, they may not show a huge IP but if they are simple vertical wells, they won't be expensive to put in.

      Good luck.

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