 |
|
03-08-2009, 06:55 PM
|
|
|
|
2 posts, read 7,998 times
Reputation: 14
|
|
Oil and gas drilling
Our family is Native American Indian, my mother was alloted 160 acres in Williston,ND. TAME Oil and Gas wants to offer us a lease for 7.5 years. What is going on there as far as other companies exploring or drilling, and what are the results. How are other Chippewa-Pembina Indians dealing with offers?  |
|
03-08-2009, 10:40 PM
|
|
|
|
105 posts, read 216,148 times
Reputation: 71
|
|
I would like to buy land there
Quote:
Originally Posted by lsambucetti
Our family is Native American Indian, my mother was alloted 160 acres in Williston,ND. TAME Oil and Gas wants to offer us a lease for 7.5 years. What is going on there as far as other companies exploring or drilling, and what are the results. How are other Chippewa-Pembina Indians dealing with offers? |
With oil prices low at this point, I would offer anyone any reasonable price for land in the Bakken region. Send me a message. |
|
03-09-2009, 01:08 PM
|
|
|
|
2 posts, read 7,998 times
Reputation: 14
|
|
|
Indian Land cannot be put up for sale, it has to stay within the tribe.
|
|
03-09-2009, 09:29 PM
|
|
|
|
Location: Santa Fe, NM
399 posts, read 677,562 times
Reputation: 274
|
|
My mother also has land in the area with several wells already pumping. Also, my brother works for the rigs. They have both agreed that the price of oil took a pretty big hit and those the profit has dropped for the land owner. Also, my it has been said that different oil companies are bound to pull out at any unpredictable time.
I would say that a legal representative would be your best bet. Determine who owns the mineral rights to the land first..that is most important...and talk to people in the area who already have wells and see how they feel about the issue. It is a VERY heated topic up there... and a lot of oil companies dont take very good care of the land. There is litter, soil damage and a very large increase in traffic on the land. Somethingg to consider if this land is greatly treasured by your family. I would know.. I've seen some of the damage.  |
|
07-13-2009, 09:27 AM
|
|
|
|
2 posts, read 7,132 times
Reputation: 10
|
|
Quote:
Originally Posted by lsambucetti
Our family is Native American Indian, my mother was alloted 160 acres in Williston,ND. TAME Oil and Gas wants to offer us a lease for 7.5 years. What is going on there as far as other companies exploring or drilling, and what are the results. How are other Chippewa-Pembina Indians dealing with offers? |
|
|
07-13-2009, 09:32 AM
|
|
|
|
2 posts, read 7,132 times
Reputation: 10
|
|
|
I to have been contacted by tame oil co. The BIA has been draging its feet again, truing to get this approved!
|
|
07-13-2009, 12:28 PM
|
|
|
|
Location: Visitation between Wal-Mart & Home Depot
8,310 posts, read 14,791,577 times
Reputation: 6295
|
|
Quote:
Originally Posted by lsambucetti
Our family is Native American Indian, my mother was alloted 160 acres in Williston,ND. TAME Oil and Gas wants to offer us a lease for 7.5 years. What is going on there as far as other companies exploring or drilling, and what are the results. How are other Chippewa-Pembina Indians dealing with offers? |
Offhand - I have no idea if a primary term of 7 1/2 years is typical for your area or not, but if I were the mineral owner I would reject that out of hand. It's way too long. 3 years is more typical and more fair to the landowners. You want the operator to have some insentive to drill quickly (like the lease will expire if they don't get to it somewhat promptly).
What bonus and royalty are they offering? What are the terms of the lease? Royalty should really be your primary concern. It doesn't get you any money up front, or any at all if wells are not drilled, but it has the potential to put the most money in your mailbox. In most of the areas I am familiar with, a 20% royalty is better than decent and a 25% royalty is about the highest that an oil company can offer without significantly injuring their economics.
Is there production in your area? Is it primarily oil? Primarily gas?
|
|
07-14-2009, 06:51 PM
|
|
|
|
Location: Visitation between Wal-Mart & Home Depot
8,310 posts, read 14,791,577 times
Reputation: 6295
|
|
|
By the way... They aren't making any more mineral rights. Don't sell that stuff.
|
|
07-17-2009, 10:02 AM
|
|
|
|
Location: NW MT
309 posts, read 472,642 times
Reputation: 122
|
|
|
Several problems:
a) The BIA is not your friend - they are protecting everyone but you;
b) The land is in trust - and should never be sold;
c) The lease is too long;
d) What's the royalty?- Back East we got 7% on wells that produced 500-bbl/day; 5.5% on natural gas wells that produced 1000 mcf/day.
e) Isn't there another bidder?
|
Please register to post and access all features of our very popular forum. It is free and quick. Over $53,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
View detailed profiles of:
|
