ND State Oil And Gas Lease Auction -- February, 2018

Disclaimer: I went through the spreadsheet quickly and did not double-check the numbers. In most cases I counted the tracts once and most likely made mistakes in counting. There will likely be other factual and typographical errors. If this information is important to you, go to the source.

Billings:

• 16 tracts
• bonus: as high as $506; most in the $200 - $300 range
• NP Resources; Northern Energy Corportion
• largest tracts: 160 acres
• smallest tracts: 4.77 acres

Bottineau:

• 1 tract; BPH; $81/acre for 80 acres

Burke:

• 21 tracts
• Northern Energy; Diamond Resources 
• although some has high as $336/acre; most less than $160/acre
• most were 80 - 160 acres

Dunn

• 1 tract; Lynx Oil; 80 acres; $169/acre

McKenzie:

• 11 tracts
• NP Resources -- almost all of them; two tracts: Northern Energy
• almost all tracts were 160 acres; one tract - 6 acres
• the 6-acre tract went for $256/acre, but all the rest $200 and blelowp with one 160-acre tract that went for $445/acre

Mountrail

• two tracts
• Liberty Resources paid $890/acre for an 80-acre tract
• Bison Plains Energy paid $18,000 / acre for a 28.65-acre tract
• that tract was described as Mississippi River in NE4, 153-93-28, Banks oil field, tract completely under the river

Ward:

• three tracts; all BPH
• 20-; 40-; and, an 80-acre tract
• $2/acre; $2/acre; and, $4/acre

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Back of the Enveope 

Looking at that Mountrail tract

• $18,000 * 28.65 acres = $500,000 (rounding)
• 500,000 bbls in first three years for a 1280-acre spaced well
• 28.65 / 1280 = 2.2%
• 0.022 * 500,000 =  11,000 bbls / in first three years

$500,000 / 11,000 bbls = $45 / bbl