Update On QEP's Plans To Unitize The Helis-Grail

The Dickinson Press is reporting:

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.

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.

I track this story at this site.

Two comments:

• 60%
• it's a no-brainer

But this is the real story line. Mineral owners are located around the world, and there are a lot of mineral owners. The Helis-Grail is only one field (and it's a relatively small field) in the Bakken and so far there are 450 agreements signed. At the linked article:

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.

QEP has received more than 450 agreements to join the unit, said Lynn Welker, stakeholder relations adviser. It’s unclear what percentage that represents.

I assume "450 agreements" mean 450 individuals.