Brian486..........Oil info needed!

[LAWLESS]

I have a couple of questions about the industry.

I have mineral rights I have mineral rights in North Dakota and have been leasing them to speculators.

I got word tonight that there is a good chance of someone finishing a drill (it's currently vacant and drilled to 8000 ft. )

I was also told that the driller would be witholding royalties for 3 years to offset the cost of the hole as well as state and federal taxes.

Is this a normal thing/ or is there somewhere I can find out the info?

I am kinda overwhelmed at this point

TIA:beer

[brian468]

I know nothing about drilling on private leases, but not getting paid for the 3 years does sound kinda fishy.

i`m not much help here, maybe call up some of the bigger companies and feed them some bs about wanting to get some exploration wells drilled then ask whats the payout like if they find recoverable oil or gas.

nabors, paterson-uti, greywolf are pretty big and I know they have rigs in north dakota, I work for greywolf.

[LAWLESS]

Thanx for the reply Brian,
I have been buried deep in the net tonight trying to figure out what is going on.

I'll make some calls and see if I can glean anymore info.

I owe you a :beer if ya ever get up this way.

[brian468]

so you buy the first and I get the next 30 or so? sounds like a plan :D

i`ll make a call in the morning and ask if we defer payment on private wells, I actually know a couple people who have leased off mineral rights in nebraska but as far as I know their land didnt produce anything.

[rattle]

Sounds like someone found something on the land if they are asking for 3 years, no?