T 151 N, R 102 W, McKenzie County, North Dakota (Wahlstrom 3-10H Well)

Posted in the North Dakota Forum

Frank

Weatherford, TX

#1 Aug 11, 2012
Hey guys, I'm trying to get an idea of what leaseholds are currently selling for in this area (with NRI or no NRI). Also, how much per net mineral acre and overriding royalty are they farming out for?
How much of an area surrounding the section I'm in, would you say is comparable for getting an idea of the current value?
I've checked the status of the Wahlstrom 3-10H Well at: https://www.dmr.nd.gov/oilgas/findwellsvw.asp
I did a search for Township 151 North, Range 102 West, but it shows the well status as "Confidential". Do you have any ideas of why their not showing the status, and how can I find out where they're currently at on drilling the well?
Is there any way to get access to the siesmographs for that area showing the reservoir traps?
Thank you to everyone,
Frank
kennedy 817

Hurst, TX

#2 Sep 3, 2012
Frank, the Wahlstrom 3-10 well was spud 6-19-2012. While I can't get information on a confidential well beyond that they have commenced drilling, most likely it's a Bakken shale long lateral or it wouldn't be spaced 2 sections. I am not certain there is a "trap" in that area and it's probably just a shale sponge with oil in it. Most people are interested in how thick their part of the Bakken and Three Forks is because the oil doesn't move very fast so traps are less relevant. The well in section 15 drilled in 2006 probably with too few frack stages has done 103k barrels and is probably paid for. The latest well from mid 2011 has done 42k barrels in 10 months. Looks like a good commercially viable area but no monster wells. While I do not know how much cash is changing hands the usual royalty retained between oil companies in ND when acres are assigned is 23%. The offer to lease mineral owners in this area in my opinion is $1,000 to $2,000 depending on ones negotiating skills. Letting them know you are seeking other offers seems to have a salutary effect. I have also told them to just force pool me, take their penalty of 50% of actual drilling cost for my share and I will take 16% royalty till it's paid off and 100% after that. Not that I am recommending you do that in your area as it looks like it would take 4 or 5 years before you started collecting 100%, but you would get 16% up until that time. I might do it but I've had some bad lease experiences and I take comfort in the fact that if there is no lease, there is no lease language to twist. Good luck.

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